\tTraders in this model of an asset market have the opportunity to conduct individual research to acquire a noisy signal of a security's future value, or they can employ least-squares learning in an attempt at extracting the private information of other traders through observing the price. For a...

This paper develops the notion of a Large Type Limit (LTL) describing the average behavior of adaptive evolutionary systems with many trader types. It is shown that generic and persistent features of adaptive evolutionary systems with many trader types are well described by the large type limit....

Economic theories of managing renewable resources, such as fisheries and forestry, traditionally assume that individual harvesters are perfectly rational and thus able to compute the optimal harvesting strategy that maximizes their profits. The current paper presents an alternative approach...

This paper studies the econometric problems associated with estimation of a stochastic process that is endogenously sampled. Our interest is to infer the law of motion of a discrete-time stochastic process p_t that is observed only at a subset of times t_1, ...,t_n that depend on the outcome of...

A part of the current literature on human capital accumulation claims that individuals may prefer to pay taxes that may distort their labor/leisure, and saving/consumption decisions to finance a public education system. Because, this makes it possible for the future members of their family to...

This work aims at connecting developments in the theory of agency and implicit contracts with research on bounded rationality and agent based computational models. These are two related areas as implicit contracts are justified on the basis of bounded rationality, which additionally is one of...

This paper uses an asymptotically valid expansion to derive explicitly agent's individual demand schedules and then the equilibrium allocations in options. Agents derive financial and non-tradeable income over time; they can only partially offset the latter using bonds and stocks and the option...

\tThis paper presents and estimates a dynamic programming model model of retirement behavior that accounts explicitly for the effects of health cost volatility and and health insurance on retirement behavior. The model includes a savings decision so that we are able to analyze whether...

Long-term observers of urban communities know that the housing quality distributions of communities and the changes of these distributions over time encompass not one but a variety of patterns. The equilibrium outcome derived from the housing market literature explains one pattern of change....

In this paper we propose and estimate a dynamic structural model of fixed capital investment using firm-level Spanish data. We first characterize the optimal behavior of a firm facing uncertainty in demand and input prices, as well as kinked and lump-sum adjustment costs. This nonconvex...