Financial contracts are complicated and consumers often do not grasp them in their entirety. This may lead to financial mistakes. We develop a quantitative theory of unsecured credit and equilibrium default in a market with sophisticated and naïve borrowers who sometimes misunderstand their...

Memory is important, also for Economics. The ephemeris can be used not only as moments of who relives the past in a single-rewind-perspective but of those who use these occasions to reflect on the past and to project the future from it. 1995 was a special year for fisheries in Portugal. Never...