This paper presents an analysis of the credibility of the EMS currencies that covers the period before and after the increase in the bands of fluctuation. Our credibility indicator is based on the inferred probabilities derived from the estimation of a Markov-switching model (Hamilton (1989))...

"Beauty-contest" is a game in which participants have to choose, typically, a number in [0,100], the winner being the person whose number is closest to a proportion of the average of all chosen numbers. We describe and analyze Beauty-contest experiments run in newspapers in UK, Spain, and...