Various Computational Intelligence (CI) tools have been devised to depict the essential learning or adapting processes people adopt when they are making decisions. If the learning process people possess is indeed well described by some CI algorithms, then there arise an interesting question:...

Base rate neglect has been shown to be a very robust bias in human information processing. It has also been show to be ecologically rational in some environments. However, when arguing about base rate neglect usually isolated individuals are considered. I complement these results by showing that...

We evaluate the stability of risk-sharing contracts in the presence of moral hazard. Contracts are rules for sharing output among producers and affect the extent of private investments in production. Organizations, which are identified with the contracts they offer, compete for membership....

To address how systems of computational agents, working alone, in teams, or with humans, can cooperate to solve problems and advance technology more autonomously than the current generation of remotely controlled unmanned systems, it is increasingly clear that a revolution in computing...

Despite a large literature documenting that the efficacy of monetary policy depends on how inflation expectations are anchored, many monetary policy models assume: (1) the inflation target of moentary policy is constant; and, (2) the inflation target is known by all economic agents. This paper...