We consider a quantity-setting duopoly market where firms lack perfect knowledge of the market demand function. They use estimated and therefore misspecified demand functions instead and determine their optimal strategies from the corresponding subjective payoff functions. The central issue of...

This paper investigates the performance of efficient portfolios in a financial market with heterogeneous investors including rational traders, noise traders, and chartists. A generalization of the security market line result states that, regardless of the diversity of beliefs, the portfolios of...

"In particular, the academic debate over the best prediction about the behavior of people that use a common-pool resource (CPR), and the recommended policy approaches to the CPR dilemma have undergone a very interesting evolution throughout the last 3 decades of the pastcentury, since the...