We explore the evolutionary dynamics of a population that consists of cooperators and defectors, wherein each member of the many pairs of players of a one-shot prisoner's dilemma game is drawn at random, and the number of descendents positively depends on the payoffs in the game. We demonstrate...

We provide a simple theoretical foundation, based on the theory of Markov chains, for the objective empirical procedure for journal ranking devised by Liebowitz and Palmer.An elementary characterization is derived that substantially clarifies the meaning, scope and underlying intuition of the...

This paper investigates the relation between risk and the degree of financial intermediation in a model with moral hazard. Entrepreneurs can simultaneously get credit from two type of competing institutions:"financial intermediairies" and "local lenders". The former are competitive firms issuing...

This paper is a study of money in overlapping generations models with cash-in-advance constraints. We first offer a brief review of different features of the cash-in-advance constraint. Then we propose a general formulation and study the neutrality of money. We show that both neutrality and...

Tradable permits are now widely used to control pollution. We investigate the implications of setting up such a system in another area population control, either domestically or at the global level. We first generalize the framework withboth tradable procreation allowances and tradable...

First, we briefly discuss the very idea of tradable quotas, looking at a set of cases in which it has been proposed (but not implemented) outside the realm of pollution control and natural resources management. Next we study a proposal of tradable procreation quotas. We generalize Boulding’s...

This paper deals with the effect of conjectures in a strategic setting.To do this it focuses on the so-called Conjectural Variation Equilibrium (CVE).According to this concept, each agent chooses his most favorable action taking into account that rival strategies are a conjectured function of...

This paper contributes to the literature on budget deficits and inflation in high inflation economies. The main finding is that recurrent outbursts of extreme inflation in these economies can be explained by a certain hysteresis effect associated with public finance. This interpretation meets...

This paper is a study of money in overlapping generations models with cash-in-advance constraints. We first offer a brief review of different features of cash-in-advance constraint. Then we propose a general formulation and study the neutrality of money. We show that both neutrality and...