To what extent are stakeholders’ land use decisions influenced by heterogeneous land-use preferences, spatial externalities, and heterogeneous suitability features? To explore this issue we develop and calibrate a heterogeneous-agent portfolio-theory model to the 1940-1993 Indiana land-use...

This work investigates whether traders’ state dependant expectations biases can account for anomalous country fund price movements for a seven year period spanning the 2007-08 banking crises. We provide a multiple agent asset-pricing model that includes both rational traders and traders who...