Developing economies share both microeconomic and macroeconomic characteristics which are often unique relative to their more developed counterparts. Indeed, many authors (e.g. Parente and Prescott 2000) have emphasized the role of institutional frictions within developing nations as a major...

Developing economies share both microeconomic and macroeconomic characteristics which are often unique relative to their more developed counterparts. Indeed, many authors (e.g. Parente and Prescott 2000) have emphasized the role of institutional frictions within developing nations as a major...

The rational expectations equilibrium has been criticized as an equilibrium concept in market game environments. Such an equilibrium may not exist generically, or it may introduce unrealistic assumptions about an economic agent's knowledge or computational ability. We define a rational...

We introduce a continuous time overlapping generations demographic model, in which a social planner seeks to generate an optimal policy for influencing the demographic change of the underlying population in a neoclassical growth model. The model has the notable feature that the underlying state...

This paper mainly focuses on finding optimal strategies for the development of microfinance in Korea and on predicting the impact of microfinance in the future.First, this paper reviews and assesses the impact of microfinance in Korea. I suggested that recent phenomena of income polarization and...

The choice of Microfinance (MF) by the Millennium Development Goals (MDG) as the primary means of poverty alleviation should have brought clarity to the role and functioning of MF, but instead it seems to have generated a fog. It is desirable to take a fresh look and start from first principles...

Epstein (1998) demonstrates that in the demographic Prisoner's Dilemma game it is possible to sustain cooperation in a repeated game played on a finite grid, where agents are spatially distributed and of fixed strategy type ('cooperate' or 'defect'). We introduce a methodology to formalize the...