The direct evolutionary approach according to Leininger (2003) states that players in a two player Tullock rent-seeking contest within a finite population behave "as if" they were relative payoff maximizers. Accordingly contest expenditures are higher than in Nash equilibrium. The indirect...

This paper empirically compares sticky-price and sticky-information Phillips curves considering inflation dynamics in six countries (US, UK, Germany, France, Canada, and Japan). We evaluate the models‘ abilities to match empirical second moments of inflation. Under baseline calibrations, the...

Income distribution and inequality play a central role in the public and political debate in many developed and democratic countries. An increasing literature on (mis)perception of the distribution of income reveals that people have very little knowledge about the degree of inequality in the...