The thesis of this paper is mathematical formulation of the laws of Economics with application of the principle of Least Action of classical mechanics. This paper is proposed as the rigorous mathematical approach to Economics provided by the fundamental principle of the physical science – the...

This paper shows that there is a positive and statistically significant correlation between the short-term discount rate over a monetary reward and the short-term discount rate over a primary reward (chocolate). This correlation, however, is absent among subjects who do not like chocolate and...

This paper argues critically the issue of choices and rationality in economic models through a multidisciplinary analysis. First, the analysis aims at highlight the scientific contributions of psychology in economics, since psychology and the related approach of cognitive economics has made more...

The paper critically discusses the issue of rationality and choices in economics in both the behavioural and evolutionary approaches. Our study aims, on the one hand, to highlight the scientific contributions of psychology in economics, since psychology, and with it the theoretical approach of...

The paper analyses the effects of the present-bias in terms of reduction of the welfare of future generations in the framework of renewable resources harvesting. In particular, this study queries the behavioral traits that emerge when the agent is present-biased and also in presence of...

We conduct an experiment to investigate the degree to which deviations from exponential discounting can be accounted for by the hypothesis of hyperbolic discounting. Subjects are asked to choose between an earlier or later payoff in a series of 40 choice questions. Each question consists of a...

The paper analyses the effects of present-biased preferences on the transfer of resources to future generations in the framework of renewable resources harvesting. The paper assumes that the current generation has other-regarding motivations for future generations, which are expressed through...

The paper analyzes the effects of present-biased preferences on the transfer of resources to future generations in the framework of renewable resource harvesting. The paper assumes that the current generation has other-regarding motivations for future generations, expressed through the adherence...

Assuming the analogy between discounting of monetary rewards in time and in social space, it is hypothesized that: (1) the rate of social discounting is higher in the case of choices between monetary reward for oneself and other person than in the case of choices between monetary rewards for...

We study an optimal timing decision problem where an agent endowed with a risky investment opportunity trades the benefits of waiting for additional information against a potential loss in first-mover advantage. The players' clocks are de-synchronized in that they learn of the investment...