This article uses a laboratory experiment to probe the proposition that property emerges anarchically out of social custom. We test the hypothesis that whalers in the 18th and 19th centuries developed rules of conduct that minimized the sum of the transaction and production costs of capturing...

This paper uses a laboratory experiment to probe the proposition that property emerges anarchically out of social custom. We test the hypothesis that whalers in the 18th and 19th century developed rules of conduct that minimized the sum of the transaction and production costs of capturing their...

We consider a non-stochastic online learning approach to price financial options by modeling the market dynamic as a repeated game between the nature (adversary) and the investor. We demonstrate that such framework yields analogous structure as the Black-Scholes model, the widely popular option...

We explore a new framework to approximate life insurance risk processes in the scenario of plentiful policyholders, via a bottom-up approach. Given the insurance contract structure, we aggregate the balance of individual policy accounts, and derive an approximating Gaussian process with...

We consider perpetuities of the form D=B1exp(Y1)+B2exp(Y1+Y2)+⋯, where the Yj’s and Bj’s might be i.i.d. or jointly driven by a suitable Markov chain. We assume that the Yj’s satisfy the so-called Cramér condition with associated root θ∗∈(0,∞) and that the tails of the Bj’s are...

Although efforts to relieve state tax burdens on poor families are not new, the nature of such tax relief changed in the 1990s. Previous decades, tax relief focused on sales or property taxes. More recently, states have enacted refundable income tax credits, particularly work-related provisions...

Gender differences in "competitiveness," previously documented in laboratory experiments, are hypothesized to play a role in a wide array of economic outcomes. The current paper provides evidence of competition-aversion in a natural setting somewhere between the simplicity of a laboratory...

Gender differences in “competitiveness,†previously documented in laboratory experiments, are hypothesized to play a role in a wide array of economic outcomes. The current paper provides evidence of competition-aversion in a natural setting somewhere between the simplicity of a...

The goal of developing a firmer theoretical understanding of inhomogeneous temporal processes–in particular, the waiting times in some collective dynamical system–is attracting significant interest among physicists. Quantifying the deviations between the waiting-time distribution and the...