New structure is discovered in the suggestive “world†created by Axelrod, which is based on iterated play of the Prisoner's Dilemma game, and was studied to reveal how cooperative behavior can arise in a world of egoists. One of Axelrod's conclusions is that the viability of a strategy...

This paper presents a genetic algorithm (GA) to solve the Traveling Umpire Problem, which is a recently introduced sports scheduling problem that is based on the most important features of the real Major League Baseball umpire scheduling problem. In our GA, contrary to the traditional way of...

A voting rule maps voter preferences into outcomes, and is called sophisticated if there exists a voting tree whose sophisticated outcomes coincide with the voting rule for every voter preference. As yet, no complete characterization of such rules is available. In this paper, we provide an...

We use asset returns to characterize the properties of the pricing kernel, including its volatility (measured by entropy) and time-dependence. Then we explore similar properties of a number of popular representative agent models: long-run risk, time-varying volatility and risk, several versions...

We inject aggregate uncertainty — risk and ambiguity — into an otherwise standard business cycle model and describe its consequences. We find that increases in uncertainty generally reduce consumption, but they do not account, in this model, for either the magnitude or the persistence of the...