In recent years, the government, of African Countries has assumed major responsibilities for economic reforms and growth. In attempting to describe their economies, economists (policymakers) in many African Countries have applied certain models that are by now widely known: Linear programming...

Prior research on 'strategic voting' has reached the conclusion that unanimity rule is uniquely bad: it results in destruction of information, and hence makes voters worse off. We show that this conclusion depends critically on the assumption that the issue being voted on is exogenous, i.e.,...

This article surveys the theoretical literature on legislative bargaining with endogenous status-quo. These are the legislative bargaining situations in which in each period a new policy is decided and the policy implemented in the event of no agreement is endogenously determined by the outcome...

This article surveys the theoretical literature on legislative bargaining with endogenous status-quo. These are the legislative bargaining situations in which in each period a new policy is decided and the policy implemented in the event of no agreement is endogenously determined by the outcome...

This paper analyses the decision-making processes of heterogeneous agents, when both individual preferences and group actions are taken into account. Under the assumptions of certain topologies of interactions and assuming cognitive and informational restrictions, an agent-based model is...

In this paper we consider infinite horizon multilateral bargaining with alternate offers. We prove that there exists only one stationary subgame perfect equilibrium outcome and it corresponds to the unique invariantmeasure of a column stochastic matrix. We characterize this stationary subgame...

This paper studies the three-player sequential bargaining game with a simple majority voting rule due to Baron and Ferejohn (1989). We show that there is a vast multiplicity of equilibrium payoffs, and that as the discount factor tends to one, the set of equilibrium payoffs evolves monotonically...

Under the background of the electronic security trading platform Xetra operated by Frankfurt Stock Exchange, we consider the Xetra auction market system (XAMS) from 'bottom-up', which the interaction among heterogeneous traders and Xetra auction market mechanism generates non-equilibrium price...

Under the background of the electronic security trading platform Xetra operated by Frankfurt Stock Exchange, we consider the Xetra auction market system (XAMS) from `bottom-up', which the interaction among heterogeneous traders and Xetra auction market mechanism generates non-equilibrium price...

These notes review two simple heterogeneous agent models in economics and finance. The first is a cobweb model with rational versus naive agents introduced in Brock and Hommes (1997). The second is an asset pricing model with fundamentalists versus technical traders introduced in Brock and...