This note uses techniques developed for aggregate games to characterize the set of equilib- ria for a beauty contest or prediction game in which the experts’ preferences are quadratic, but with an otherwise unrestricted information structure for private signals and the state variable. We show...

One of the greatest logicians of the twentieth century, Bertrand Russell, proposed that Economic power, unlike military power, is not primary, but derivative. Curiously, this conjecture has received scarce attention. This paper explores this theory. Our illustrative discourse tests this...

This discourse explores and illuminates a fundamental problem, the Achilles' heel, which dominates the hedgefund industry: namely, that hedgefunds no are not positioned to accomplish what they were designed to do: namely, hedge against catastrophic loss in the financial markets. Contemporary...

Since 1950s, most African nations have gained independence from their colonial powers. Fortunately, independence has brought many changes to these nations and these include multi-party democratic government and western education systems. Unfortunately, the Africa’s economy is the least...

India has been in centre stage of developing economies and commends high respect in knowledge based industries India has opened it economy to international competition and Indian products now compete with best products of the world. Indian promoters have realized that human resource is basic for...

This paper extends the notion of the rational agent in economics by acknowledging the role of the unconscious in the agent�s decision-making process. It argues that the unconscious can be modelled by a rational agent with his own objective function and set of information. The combination of...