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This paper offers a specific analysis of speculation bubbles in the economic history of the world, and then tries to identify the causes and effects of the speculation bubble on the real estate market in the USA, which was the main cause of the subprime crisis. The first part of the paper aims...
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This paper investigates two different approaches to the analysis of institutions using game theory and discusses their … methodological and theoretical implications for further research. Starting from von Neumann and Morgenstern's theory, we investigate … method to investigate institutions as the unplanned outcome of self- interested individual behavior? While the game theory …
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This paper presents a model of political competition to explore the effect that the ideological distance between two political parties has over the provision of public goods. The main result argues that the ideological distance between parties and citizens has a negative relationship with the...
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