We propose an epistemic theory of micro-economic interactions, termed Economic Harmony. In the theory, we modify the standard utility, by changing its argument from the player's actual payoff, to the ratio between the player's actual payoff and his or her aspired payoff. We show that the...

Experimental studies show that the Nash equilibrium and its refinements are poor predictors of behavior in non-cooperative strategic games. Cooperation models, such as ERC and inequality aversion, yield superior predictions compared to the standard game theory predictions. However, those models...

We propose an epistemic theory of micro-economic interactions, termed Economic Harmony. In the theory, we modify the standard utility, by changing its argument from the player’s actual payoff, to the ratio between the player’s actual payoff and his or her aspired payoff. We show that the...

We define a high volume factory to be a connected network of workstations, at which assigned workers process work-in-progress that flows at high rates through the workstations. A high rate usually implies that each worker processes many pieces per hour, enough so that work can be described as a...

Technology creates changes in agriculture that all segments of the agricultural community need to consider to anticipate the resulting impacts. Objectives of the research were to project the size and number of farming operations in eastern Washington and to examine the implications for farm size...

This paper represents an empirical research of the growth process in the Russian banking sector during 2004-2010 years. The growth process is modelled by Markov chains. Nine states were used to describe the growth process. Markov chain stationarity check revealed three homogeneous periods. The...

Wood products are included as competing enterprises in a model used as an aid in evaluating the need for land and water resource development. The procedure for developing linear programming data inputs for veneer, sawtimber, cordwood, and "other" enterprises is presented. Detailed land use was...

This paper presents a regional land-use model that conceives farms as independent agents aiming at maximum individual utility. Farm agents optimize their utility with the help of a linear-programming algorithm that takes into account natural, economic and personal restrictions. Interactions...