This paper suggests that people can learn to behave in a way which makes them unlucky or lucky. Learning from experience will lead them to make choices which may lead to "luckier" outcomes than others. By so doing they may reinforce the choices of those who find themselves with unlucky outcomes....

This short paper argues that rationally motivated coordination between agents is an important ingredient to understand the current economic crisis. We argue that changes in parameters that model the structure of a macro-economy or financial markets are not exogenous but arise as agents adopt...

Structural changes in an economy or in financial markets can arise as a result of agents adopting rules that appear to be the norm around them. Such rules are adopted by implicit consensus as they turn out to be profitable for individuals. However, as rules develop and spread they may have...

This short paper argues that rationally motivated coordination between agents is an important ingredient to understand the current economic crisis. We argue that changes in parameters that model the structure of a macro-economy or financial markets are not exogenous but arise as agents adopt...

This paper suggests that people can learn to behave in a way which makes them persistently unlucky or lucky. Learning from one's own experience, as it reinforces a few lucky or unlucky outcomes in early periods, will lead them to repeatedly make choices that lead to lucky or unlucky outcomes. In...