This paper models commodity futures in a rational expectations equilibrium specifically (i) incorporating the conflict of interests between Hedgers (Producers-Consumers) and Speculators and (ii) superimposing constraints to immunize the real sector of the economy from shocks of excessive futures...

Background This paper is a continuation of our investigation of the paradox of technical analysis in the stock market (Fyfe, Marney and Tarbert (1999), Marney et. al (2000)). The Efficient Markets Hypothesis (hereafter the EMH) holds that there should be no discernible pattern in share price...

The minimum effort coordination game uncovers the prevalence of a major economic problem, coordination failure. Involved in a game of imperfect information that displays a number of Pareto ranked equilibria, players (in laboratory experiments) do not choose the efficient, but the inefficient but...

We analyse the results of a laboratory experiment on expectation formation. Participants were asked to predict prices in an artificial single-good economy, and were paid according to their forecasting accuracy. Thirteen markets, with six subjects each, were created, in two different treatments....

In this paper we show the extent that home ownership varies over the life-cycle and differs by cohort and by education. We explain these differences in a calibrated model of life-cycle behaviour where households choose labour supply and consumption and also home-ownership status. Home-ownership...

Homestead exemption is defined as the level of home equity that a household declaring bankruptcy can keep. This exemption level varies across states in the United States. As entreprenurial activities are risky, small business owners value the insurance the bankruptcy law provides. In their...