What is self-governance, and under what sets of institutions is it possible? We explore this question from the perspective of informal (de facto) constitutionalism. The dominant approach, grounded in formal constitutionalism, overlooks crucial institutional features that determine whether...

This paper considers a simple Continuous Beliefs System (CBS) toinvestigate the effects on price dynamics of several behavioralassumptions: (i) herd behaviour; (ii) a-synchronous updating ofbeliefs; and (iii) heterogeneity in time horizons (memory) amongagents. The recently introduced concept of...

We model an individual who wants to learn about a state of the world. The individual has a prior belief, and has data which consists of multiple forecasts about the state of the world. Our key assumption is that the decision maker identifies explanations that could have generated this data and...

Travelers have to handle with various risks and uncertainties by themselves or they can ask a travel agent to act on their behalf in order to minimize and/or to solve them. We believe that the new nature of the activities that could be offered by the travel agencies would rather be a risk...

Revenue generation is an important goal of tax reform. The built-in responsiveness of revenues to changes in income, tax elasticity, provides very critical information for tax policy formulation. This paper utilises a time series approach to empirically estimate tax elasticities for India for...