Humans differ in their strategic reasoning abilities and in beliefs about others' strategic reasoning abilities. Studying such cognitive hierarchies has produced new insights regarding equilibrium analysis in economics. This paper investigates the effect of cognitive hierarchies on long run...

This article is a theoretical and conceptual exploration into the study of the dynamics of financial innovations and their consequences in market economies. Drawing upon the works of Schumpeter and Minsky in an institutionalist and evolutionary tradition, the article puts forward the monetary...

Facing the sanctions from the West since the annexation of Crimea in 2014, Russia quickly converged to a strong counter-sanction strategy. The US and the EU staggered the strengths of sanctions in turns, with the EU first imposing relatively stronger commercial sanctions first and the US...

This paper shows the importance of the model order reduction using one of the evolutionary technique namely Particle Swarm Optimization (PSO) by designing a combined feedback – feedforward controller for a given plant by minimizing the actuating error signal. The feed forward controller is...

Evolutionary explanations for behavioral findings are often both fascinating and plausible. But even so, they do not establish that people are acting rationally, that they are not making mistakes, or that their decisions are promoting their welfare. For example, present bias, optimistic...

We provide a quantitative macrohistory of the evolution and coevolution of three fundamental elements of English caselaw: property, contract, and procedure. Our dataset is derived from a comprehensive corpus of reports on pre-1765 English court cases. Leveraging existing topic model estimates,...

I develop a notion of evolutionary stability of behavioural rules when individuals simultaneously interact in a family of strategic games. An individual’s strategy choice is determined by his behavioural rule which may take into account the manner in which the games have been played in the...