We consider a simple pure exchange economy with two assets, one riskless, yielding a constant return on investment, and one risky, paying a stochastic dividend. Trading takes place in discrete time and in each trading period the price of the risky asset is fixed by imposing market clearing...

This work presents experimental results on a coordination game in which agents must repeatedly choose between two sides, and a positive fixed payoff is assigned only to agents who pick the minoritarian side. We conduct laboratory experiments in which stationary groups of five players play the...

We use a novel database of a panel of quarterly survey of exchange rates forecasts available on the Bloomberg platform, for the following five bilateral exchange rates: EUR/GBP, EUR/JPY, EUR/USD, GBP/USD and USD/JPY, for the timespan ranging from the third quarter 2006 up to the fourth quarter...

We estimate a model for exchange rate dynamics when expectations present higher order beliefs. A structural macro model for exchange rates is proposed where agents form their one-step-ahead predictions under a Bayesian learning process and in which aggregation of their choices is considered into...

An exponentially increasing trend of players’ registration price has taken place recently, and we test the hypothesis that this may be a speculative bubble, using a structural break test on a dataset of international soccer players registration prices, from 2007 to 2019. Our statistical...

Problems of cooperation have often been simplified as the choice between defection and cooperation, although in many empirical situations it is also possible to walk away from the interaction. When opting out of is a feasible alternative, it is questionable whether known solutions to the problem...

This paper proposes a structural model of exchange rates where agents formulate their one-step ahead predictions based on social learning process and higher order beliefs. Individual choices are then aggregated and plugged into a rather standard macroeconomic model to derive the dynamics of...