A choice correspondence is weak justified if non-chosen alternative is dominated by any other obtainable alternative, and for each discarded alternative there is some chosen alternative which dominates it. This definition allows us to build a connection between the behavioral property expressed...

Often spiritualism and religion impose social and economic duties (constraints) on its adherents. Islam promotes various encouragements, limitations and prohibitions on expenditure, consumption and production. So, in modern world, does Islamic brand of economics have a place? Capitalism and...

Agent-based computational economics (ACE) is the computational study of economies modeled as evolving systems of autonomous interacting agents. Thus, ACE is a specialization to economics of the basic complex adaptive systems paradigm. This study outlines the main objectives and defining...

During the last decade changes have taken place in the structure of the expenditure of the Uruguayan households. In particular, the expenditure in health care raised and diversified. Using data from income and expenditure survey (Encuesta de Gastos e Ingresos 1994-95, Instituto Nacional de...

This paper outlines the basic concepts of adaptation, learning, and evolution and their relationship to equilibrium and disequilibrium in economic processes. Work using these concepts in the behavioral tradition of Cyert, March and Simon is summarized. A more detailed description of economic...

Cyclical fluctuations in unemployment vary widely across cities in the United States. It is puzzling that after controlling for the industry composition effect, people can still find significant cyclical heterogeneity. This paper demonstrates how market friction, combined with idiosyncratic...

We generalize and extend the previous results of the theory of the competitive firm under uncertainty. In doing so, we consider simultaneous output, output price and input price uncertainties. Our results do not impose the typical restrictions on the firm's preferences or utility. The...

This is a classroom activity using the free ESPN Fantasy Baseball platform to draft players and the Out of the Park software ($40) to simulate a baseball season. The activity enhances learning of economic concepts of marginal product and competitive balance. It also improves the data literacy...

This paper studies how wealth and health inequalities have interacted with the Covid-19 epidemic in a way that has reinforced inequalities in income, savings, epidemic risk and even individual preventive behaviors. We present in more detail two papers and their theoretical and empirical results....

The Austrian Federal Competition Authority (AFCA) invited comment on its draft guidelines for exempting “sustainability agreements” from condemnation under Austrian competition law. That law recently changed, allowing a specific exemption for otherwise anticompetitive horizontal agreements...