Previous work on the property rights theory of the firm suggests that in the presence of outside options, ownership may be counter productive in motivating managers. This paper shows that this conclusion depends on the assumption that a manager's outside option only depends on her own...

In this article, the authors put forward another viewpoint which shows how a "small noise" (which may be Gaussian) can cause great fluctuations because of the unstable structure of the model skeleton (i.e. its deterministic part) and whihc permits nevertheless to undertake forecast methods in...

We develop in this paper simple geometrical methods to study local indeterminacy, bifurcations and stochastic (sunspot) equilibria near a steady state, in nonlinear two dimensional economic models. We present in particular a simple geometrical characterization of the support of stochastic...

A major source of difficulty in the construction of dynamic econometric models is the specification of the timing interval of the relationship between economic variables. The econometric modelling has to use the available data, so it is common practice that when only annual data are available...

In this paper we develop a new version of the algortihm proposed in [17] for solving exactly some variants of (un)weighted constrained two-dimensional cutting stock problems. We introduce one-dimensional bounded knapsacks in order to obtain an improved initial lower bound for limitating...

This paper attempts to identify, in a framework deliberately stripped of unnecessary technicalities, some of the basic reasons why adaptive learning may or may not lead to stability and convergence to self-fulfilling expectations in large socioeconomic systems where no agent, or collection of...

Traditional game theoretic analysis proposes backward induction as a model of rational behaviour in games with perfect information. However, counterintuitive results have cast doubt on the predictive power of the theory. For example, in the Centipede Game, experimental evidence shows that...

This paper surveys some recent developments in the literature which studies continuous-time evolutionary dynamics in the context of economic modeling.

We introduce a new method, called "customer oriented finite perturbation analysis" (CFPA), for sensitivity estimation for discrete event dynamic systems (DEDS). We discuss the CFPA algorithm and applying a new proof technique we obtain necessary conditions for CFPA to yield an unbiased estimator...