Extreme market outcomes are often followed by a lack of liquidity and a lack of trade. This market collapse seems particularly acute for derivative markets where traders rely heavily on a specific empirical model. Asset pricing and trading, in these cases, are intrinsically model dependent....

A simple model is provided to define and characterize Coleman's (1990) important concept of social capital. Like the physical, human and technological forms of capital, social capital can significantly impact welfare. Social capital is important because

We develop an equilibrium model of the term structure of forward prices for commodities. Our approach differs from Brennan (1991) and Schwartz (1997) and other two-factor approaches in that we do not assume an exogenous "convenience yield" process as a second factor in forward prices. Rather, we...

We develop an equilibrium model of the term structure of forward prices for commodities. Our approach differs from Brennan (1991) and Schwartz (1997) and other two-factor approaches in that we do not assume an exogenous "convenience yield" process as a second factor in forward prices. Rather, we...

This paper investigates the phenomenon of co- evolution. Co-evolution exists when behaviour evolves and agent fitness depends on the evolving behaviour of other agents. An evolutionary model where agents are located on a torus and play repeated prisoner'