We develop a multi-agent framework based on probabilistic cellular automata theory to describe off-equilibrium dynamics in the context of the economic problem of price adjustment in different strategic situations as investigated experimentally by Fehr and Tyran (2001) and (2008). It is found...

Gesellschaftstheoretiker wie der Soziologe Niklas Luhmann machen darauf aufmerksam, dass es in der modernen Gesellschaft zu systematischen Diskrepanzen zwischen Semantik und Sozialstruktur kommt. Solche Diskrepanzen – also Fälle, in denen Sozialstruktur und Semantik nicht zueinander passen...

Dieser Beitrag stellt unter der Bezeichnung „Ordonomik“ ein Forschungsprogramm vor, das ursprünglich im Bereich der Wirtschafts- und Unternehmensethik entstanden ist und nunmehr allgemein gesellschaftstheoretisch als institutionalistisch ausgerichteter Rational- Choice-Ansatz zur Analyse...

Individual terrorist are frequently behaving seemingly absurd, e.g. by carrying out suicide operations, while activities of the terrorist organisations as a whole often seem to be conducted in a very effective way. These facts caused many researchers to regard the leaders representing the...

This paper provides a theoretical analysis regarding the rationality of suicide attacks from an economist’s point of view. It is argued that although a terrorist gives up future utility from consumption by committing a suicide attack, this loss can be overcompensated by the utility he derives...

This paper suggests a new explanation for the low level of annuitization, which is valid even if one assumes perfect markets. We show that, as soon there exists a positive bequest motive, sufficiently risk averse individuals should not purchase annuities. A model calibration accounting for...

We show that a common (identical across investors) irrationality in information processing can be enough to create nontrivial trade, using one of standard partial-equilibrium environments. We can attribute this trade to their common irrationality because we strip the investors and their...