In an open economy with common property resources at the community level, marriage and migratory decisions crucially depend on inheritance rules on the commons. Motivated by the traditional management of the commons in the Italian Alps, we present a model that fits the evolution of property...

In an open economy with common property resources at the community level, marriage and migratory decisions crucially depend on inheritance rules on the commons. Motivated by the traditional management of the commons in the Italian Alps, we present a model that fits the evolution of property...

The possibility that asset markets could be strategically manipulated by large informed traders has fascinated social scientists and market observers for years. There is a well-known story of minions of Nathan Rothschild, who was thought to have the fastest carrier pigeons in London, selling...

In the last ten years theory (e.g., Fudenberg and Levine, 1998) and empirical data fitting have provided many ideas about how equilibria arise in games or markets. This short chapter describes a very general approach to learning in games: "experience-weighted attraction" (EWA) learning. This...

The proposed 2008 TARP auction was intended to facilitate rapid purchases by the U.S. department of Treasury of a wide array of mortgage-backed securities in order to remove these “toxic assets” from the portfolios of financially stressed banks. The Treasury had selected a Reference Price...