We consider an exchange economy with time-inconsistent consumers whose preferences are additively separable. When these consumers trade in a sequence of markets, their time-inconsistency may introduce a non-convexity that gives them an incentive to trade lotteries. If there are many consumers, competitive equilibria with and without lotteries exist. The existence of symmetric equilibria may req...

We propose a logic-based approach to automated oneshot multi-issue bilateral negotiation. We use logic in two ways: (1) a logic theory to represent relations among issues – e.g., logical implication – in contrast with approaches that describe issues as uncorrelated with each other; (2) utilities over formulas to represent agents having preferences over different bundles of issues. In this case,...

Contemporary evolutionary multiobjective optimisation techniques are becoming increasingly focussed on the notions of archiving, explicit diversity maintenance and population-based Pareto ranking to achieve good approximations of the Pareto front. While it is certainly true that these techniques have been effective, they come at a significant complexity cost that ultimately limits their applica...

In this paper, we study a resource allocation problem of economies with many commodities and single-peaked preferences. It is known that the uniform rule is the unique allocation mechanism satisfying strategy-proofness, Pareto efficiency and anonymity, if the number of good is only one and pereferences are single-peaked. (Sprumont [7].) However, if the number of goods is greater than one, the s...

It is now widely believed that government intervention is essential to ensure Pareto efficiency in the standard overlapping generations economy with nonaltruistic agents. This paper argues that the normal profit-seeking activities of private intermediaries—missing from the standard overlapping generations economy—would tend to eliminate the need for such government intervention. A private earni...

This work presents a genetic algorithm (GA)-based optimization technique, called GA-ParFnt, to find the Pareto frontier for optimizing data transfer versus job execution time in grids. As the performance of a generic GA is not suitable to find such Pareto relationship, major modifications are applied to it so that it can efficiently discover such relationship. The frontier curve representing th...

This paper discusses Pareto efficient allocations of an environmental commodity, which is both a public good and a public bad, with an application to the Scandinavian problem of conserving wild predators that are killing semi-domesticated reindeer. The paper begins by briefly outlining this conflict. This is followed by a theoretical analysis employing a diagrammatic tool called the Kolm triang...

A significant public policy trend is the increased use of alternative dispute resolution (ADR) procedures, such as mediation and arbitration, in a variety of settings. Mediation is the most utilized, yet least analyzed, of these procedures. This article proposes a general equilibrium framework to analyze mediation. Mediators function as Walrasian auctioneers by altering tradeoff among bargainin...

What has been the effect of the shift in emerging market capital flows toward private sector borrowers? Are emerging market capital flows more efficient? If not, can controls on capital flows improve welfare? This paper shows that the answers depend on the form of default risk. When private loans are enforceable, but there is the risk that the government will default on behalf of all residents,...

We develop a rule-based optimization approach. The rules are IF-THEN statements that allow domain experts to model their complex systems in a natural framework. We formalize the enterprise problem as minimizing multi-criteria objectives with respect to a set of business rules. We construct a finite state machine in which the rules correspond to state transitions. The states are evaluated by an ...