systematic violation of expected utility theory. We propose a model in which a well-known failure of expected utility – captured … connection between two well-known behavioural regularities, one in individual decision theory and another in the social …

, we use a combination of lab, field, and survey evidence to study whether these two types of behaviour are indeed linked … behaviour in cashing the check and completing tasks on time. Our results lend support to the hypothesis that subjects who have a …

This study discusses the nature of adjustment costs, which underpin the dynamic theory of input demand. We examine the … firms’ dynamic behaviour in factor markets. …

, however, appropriation behaviour is more efficient. Our analysis shows that these regularities arise naturally when a fraction …

This note argues that a rigorous application of simple game theory may provide unambiguous yet non-trivial theoretical … insights about the behaviour of players in simple games. This contrasts with a commonly held view that many predictions in … applied game theory are either obvious or inconclusive. To illustrate our point, we analyse the merits of two controversial …

This paper provides a general review of recent developments in the application of control theory to macroeconomic …