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In these simulation experiments for the Swedish economy, the impact of a future oil price shock was measured in terms of the stabilization policies required, and the possibility was evaluated of insuring against such price shocks by way of a gradually increasing oil tax.

We analyze the effect of deadlines on timing of effort when agents are occasionaly distracted. We show that agents precautiously work early when completion of the task is uncertain, but rather likely. Agents who are rarely distracted will always postpone effort since the risk of not completing...

Bounded rationality provides a fundamental economic explanation for non-rational modes of behavior. These non-rational modes underlie both the erratic perturbations of entrepreneurship and the systematic waves of diffusion they initiate which in turn guarantee that the economy operates out of...