In this paper we analyze a dynamic, asset pricing model where an arbitrary number of heterogeneous, procedurally rational investors divide their wealth between two assets. Both fundamental dividend process and behavior of traders are modeled in a very general way. In particular, agents' choices...

This paper argues that another microeconomics, methodologically different from neoclassical reductionism, is rapidly developing: systemic and evolutionary microeconomics. The former is based on clear-sighted agents that have access to information but do not really learn, and always proceed with...

This paper analyses the behavior of an individual who wants to maximize his utility function, but he is not able to evaluate it. There are many ways to choose a single alternative from a given set. We show that a unique utility maximizing procedure exists. Choices induced by this optimal...

Behavioral economics has in recent decades emerged as a prominent set of methodological developments that have attracted considerable attention both within and outside the economics profession. The time is therefore auspicious to assess behavioral contributions to particular subfields of...

This paper analyses the behavior of an individual who wants to maximize his utility function, but he is not able to evaluate it. There are many ways to choose a single alternative from a given set. We show that a unique utility maximizing procedure exists. Choices induced by this optimal...

This paper analyses the behavior of an individual who wants to maximize his utility function, but he is not able to evaluate it. There are many ways to choose a single alternative from a given set. We show that a unique utility maximizing procedure exists. Choices induced by this optimal...

The specialists of Pareto?s economic and sociological writings, underline that his theory of action is based on a drastic division between logical actions and non-logical ones; the first referring to economic activities and the second to sociological relationships. Some kinds of actions will be...

A product set of pure strategies is a prep set (prep is short for preparation) if it contains at least one best reply to any consistent belief that a player may have about the strategic behavior of his opponents. Minimal prep sets are shown to exists in a class of strategic games satisfying...