Cooperative credit was the British Empire's all-purpose answer to problems of rural poverty and indebtedness, usury, and land alienation. Originating in the idealism of the 'Rochedale Pioneers' and in schemes from rural Germany, cooperative credit was imported into India with an evangelical zeal...

Evidence shows that real-effort investments can affect bilateral bargaining outcomes. This paper investigates whether similar investments can inhibit equilibrium convergence of experimental markets. In one treatment, sellers’ relative effort affects the allocation of production costs, but a...

This paper analyses the policy implications of licensing between producers of differentiated goods. We consider and compare two-part tariff, fixed fee, royalty and collusive licensing contracts. Under the optimal licensing policy, there will be no technology transfers if the innovation size is...

Time of day (TOD) rates are a commonly used method for peak load pricing of many services. Such services as ; electricity, communications, transportation, shared computer facilities, and computer networks (ie. the Internet), either use, or will use form of TOD pricing. The model presented here...

This paper presents a model of information and political regime change. If enough citizens act against a regime, it is overthrown. Citizens are imperfectly informed about how hard this will be and the regime can, at a cost, engage in propaganda so that at face-value it seems hard. This...

This paper constructs a simple overlapping generations model to examine how the choice of public and private health expenditure is affected by preferences and economic factors under majority voting. In the model,agents with heterogeneous income decide how much to consume, save, and invest in...

In standard global games, individual behavior is optimal if it constitutes a best response to agnostic - Laplacian - beliefs about the aggregate behavior of other agents. This paper considers a standard binary action global game augmented with noisy signaling by an informed policy-maker and...

I replace the assumption that an agent makes an optimal choice by an assumption that the agent executes a computational algorithm directed at finding a choice that is good at the time the choice is made. The algorithm utilizes the individual's own information, and information about choices of...

Two kinds of theories of the boundedly rational behavior are possible. Static theories focus on stationary behavior and do not include any explicit mechanism for temporal change. Dynamic theories, on the other hand, explicitly model the fine-grain adjustments made by the subjects in response to...

The use of bounded rationality in explaining economic phenomena has attracted growing attention. In spite of this, there is still considerable disagreement regarding the meaning of bounded rationality. Basov (2005) argues that when modeling boundedly rational behaviour it is desirable to start...