We analyze an overlapping generations model where individuals’ welfare depends on the stock of a free access environmental good E and on the consumption C of a private good. We assume that the production process of the private good depletes the natural resource but that specific investments...

We study a financial market populated by heterogeneous fundamentalists, whose decisions are driven by ``animal spirits''. Each agent may have optimistic or pessimistic beliefs about the fundamental value, which are selected from time to time on the basis of an evolutionary mechanism. The...