This paper tests Bester's (1985, 1987) prediction about the separating role ofcontracts that involve both interest rates and collateral in credit markets. To test thisprediction we use data from natural credit markets and controlled experiments. Using asample of credits to small and medium size...

Under what circumstances is it necessary or convenient for an agent to rely on habits and rules? This paper focuses on the types of decision situation giving rise to their use. Even optimisation requires the development of rules, and for this reason mainstream economics cannot legitimately...

This article applies game theory in the company under study, in order to optimize the competitive strategy with respect to its main competitor in the bicycle and motorcycle market. Once the problem is defined, the zero-sum matrix between the competitors is established, then the model is...

This paper incorporates the strategic interactions between tax payers and fiscal authorities to the standard theory of fiscal evasion. The existence and (local) unicity of Nash equilibrium are demonstrated by the players' best responses. Through a numerical analysis, it is concluded that...

In competitive environments, the design and election of strategies demand considered three potential sources of uncertainty: risks derived from self-actions, risks emerged from states of nature and risks derived from competitors ́ decisions. The Real Options Theory analyses the first two risks,...

In competitive environments, the design and election of strategies demand considered three potential sources of uncertainty: risks derived from self-actions, risks emerged from states of nature and risks derived from competitor' decisions. The Real Options Theory analyses the first two risks,...

This article applies game theory in the company under study, in order to optimize the competitive strategy with respect to its main competitor in the bicycle and motorcycle market. Once the problem is defined, the zero-sum matrix between the competitors is established, then the model is...