The fact that any two choices are necessarily asynchronous raises the question of whether some alternative x at moment t remains the same alternative x at moment t + 1. It is argued that this question cannot be answered without taking into account the decision-maker’s perception of the choice...

This essay explores the subject of the aversion of intellectuals to the market economy through a study of the Italian cinema of the early 1960s. The impact of Italy's ‘economic miracle’ on coeval cinema can hardly be overemphasized. Not only it inspired well-known art films, such as Federico...

Since 2009, central banks in the major advanced economies have held interest rates at very low levels to stabilize financial markets and support the recovery of their economies. Based on a Mises-Hayek-BIS view on credit booms and Mises’ law of unintended consequences, this paper suggests that...

This paper analyzes the effects of changes in interest rates on the composition of production in ten European countries during the boom period of the 2000s. We find that output elasticity differs across industries and across countries for similar industries. The paper suggests that in the run-up...

The paper sheds light on the link between the interest rate policy in large advanced economies with international funding and reserve currencies (the United States and the Euro Area) and the use of reserve requirements in emerging markets. Using reserve requirement data for 28 emerging markets...

In this paper we study the existence of bubbles for pricing equilibria in a pure exchange economy à la Lucas, with infinitely lived homogeneous agents. The model is analyzed under fairly general assumptions: no restrictions either on the stochastic process governing dividends’ distribution or...

We show that under fairly mild conditions, a maximin expected utility preference relation is probabilistically sophisticated if and only if it is subjective expected utility.

We prove results that relate random correspondences with their measurable selections, thus providing a foundation for viewing random correspondences as "bundles" of random variables.

In recent years the Dirichlet process prior has experienced a great success in the context of Bayesian mixture modelling. The idea of overcoming discreteness of its realizations by exploiting it in hierarchical models, combined with the development of suitable sampling techniques, represent one...

We design the revenue-maximizing auction for two goods when each buyer has bi-dimensional private information and a superadditive utility function (i.e., a synergy is generated if a buyer wins both goods). In this setting the seller is likely to allocate the goods inefficiently with respect to...