Contents Refutable Theories of Value Donald J. Brown, Felix Kubler 1 Testable Restrictions on the Equilibrium Manifold Donald J. Brown, Rosa L. Matzkin 11 Uniqueness, Stability, and...

This book is an exploration of the ubiquity of ambiguity in decision-making under uncertainty. It presents various essays on behavioral economics and behavioral finance that draw on the theory of Black Swans (Taleb 2010), which argues for a distinction between unprecedented events in our past...

We propose two algorithms for deciding if theWalrasian equilibrium inequalities are solvable. These algorithms may serve as nonparametric tests for multiple calibration of applied general equilibrium models or they can be used to computecounterfactual equilibria in applied general equilibrium...

A common stochastic restriction in econometric models separable in the latent variables is the assumption of stochastic independence between the unobserved and observed exogenous variables. Both simple and composite tests of this assumption are derived from properties of independence empirical...

Since 1984 Informal Venture Networks (VCNs) have been formed and are currently operating in several states and Canada. However, little has been written in regard to the performance of these networks. This article presents the results of preliminary research concerning their performance. Our...

Optimism bias is inconsistent with the independence of decision weights and payoffs found in models of choice under risk, such as expected utility theory and prospect theory. Hence, to explain the evidence suggesting that agents are optimistically biased, we propose an alternative model of risky...