Restricting the analysis to general 2×2 coordination games, this article shows how under certain conditions, it is highly likely that individuals coordinate on a (pay-off) efficient through risk inferior convention. This contrasts with other equilibrium refinement criteria, such as risk...

In this paper we explore the effects of alternative combinations of fiscal and monetary policies under different income distribution regimes. In particular, we aim at evaluating fiscal rules in economies subject to banking crises and deep recessions. We do so using an agent-based model populated...

Collective decision making problems can be seen as finding an outcome that is closest to a concept of consensus. 1 introduced Closeness to Unanimity Procedure as a first example to this approach and showed that the Borda rule is the closest to unanimity under swap distance a.k.a the 2 distance....

Global warming is widely predicted to decrease crop yields in tropical, sub-tropical and Mediterranean climatic regions as a result of a speeding up of phenological development and shortening of the time to maturity. We used a well-tested simulation model, APSIM-Sorghum, to evaluate the impact...

We study the interactions of banks and ?rms within a leverage cycle to understand how capacity utilisation and capital investment interact with funding costs, leverage by banks and ?rms, and liquidity. We show in a simulation study that when ?rms can grow and die by becoming insolvent, and when...

The Haynesville shale in Louisiana is one of several unconventional gas plays that have been discovered in the U.S. in the past decade and promise to dramatically change the course of future energy development given its enormous resource potential. Unconventional gas resources are abundant, but...

The objective of this study is to forecast the future trade patterns and to identify the determinants of exports of textile and clothing. We included top 18 leading exporting countries and zones from the textile and clothing sector. Those countries cover more than 70 percent of global exports...

The paper shows the special features which regional governing systems have due to an «oil-and-gas» orientation of their economies. We applied the modern approaches and algorithms of analysis and strategic decision-making, such as the simulation models and situation analysis, to study the key...