While some of the recent surge of oil prices can be attributed to robust global demandat a time of tight production capacities, commentators occasionally also blame theimpact of speculators for part of the price pressure. We propose an empirical oil market model with heterogeneous speculators....

I present a simple model of an evolutionary financial market with heterogeneous agents, based on the concept of adaptive belief systems introduced by Brock and Hommes (1997a). Agents choose between different forecast rules based on past performance, resulting in an evolutionary dynamics across...

This paper uses a unique data set of Latin American paintings auctioned by Sotheby's between 1995 and 2002 to investigate several puzzles from the recent auctions literature. Our results suggest that: (1) the reputation of an artist and the provenance of the artwork, omitted variables in most...

Die zentrale Funktion von Preisen is es, Signale an die Anbieter und Nachfrager auf den entsprechenden Märkten zu vermitteln. Die Sensitivität der Reaktion von Anbietern und Nachfragern auf Preisänderungen auf Boden- und Immobilienmärkten wird dabei anhand von sogenannten direkten...

Conventional two-sided matching game is a one-period game. In this note, we contribute to the existing literature by examining a multi-period two-sided matching problem allowing for the possibility of a divorce. We assume that the matching game is played repeatedly and the payoff matrix changes...

A contest model is constructed to examine the existence of conference bias in college basketball's Ratings Percentage Index (RPI). Though a general RPI bias has been identified in previous literature, this is the first study to address whether the bias is random or systematic in nature. Within...

Recent literature has shown that the magnitude of behavioral heterogeneity of a population has an impact on the structure of mean demand. This paper investigates the effect of aggregation on the magnitude of behavioral heterogeneity if we aggregate disjoint subpopulations. Using the Hildenbrand...

The study of intergenerational mobility deals with questions regarding the opportunities of children and how their long run economic outcome is related to their family background. Most importantly, from a policy point of view, it is trying to understand the sources of persistence in economic...

In recent years, many social scientists have claimed that trust plays an important role in economic and social transactions. Despite its proposed importance, the measurement and the definition of trust seem to be not fully settled, and the identification of the exact role of trust in economic...

The authors present below a synthesis of a broader work, as a result of a 2011-2014 study made by the Institute of National Economy of the Romanian Academy.The authors aim at an analysis of a new paradigm of the post-crisis economy,trying to clarify the issue of the globalisation mechanisms in...