We present a model of investors acquiring forecasts from a group of advisers (analysts), some of which are better informed than others. Investors may pick an adviser based on his past performance. In the literature it is typically assumed that agentsã rewards depend solely on the type they are...

This paper further analyzes evolutionary stability in Abreu & Rubinstein automaton selection games, focusing primarily on the Repeated Prisoners'Dilemma and coordination games. We introduce a strengthening of the Binmore and Samuelson MESS concept called Evolutionary Stable Collections (ESC)....

To improve the detection of the economic ”danger zones” from which severe banking crises emanate, this paper introduces classification tree ensembles to the banking crisis forecasting literature. I show that their out-of-sample performance in forecasting binary banking crisis indicators...

This paper studies the effects of non-contractability of investment on the choices made by a health authority and the hospital with which it contracts for the provision of a specific service. We deal with a situation where the parties must write a short-term contract, that is, where they are...

Cross section consumer expenditure data are frequently used to make conclusions about consumer demand behavior. Such conclusions, however, can only be justified under certain assumptions, which are often left unstated in the empirical demand literature. An assumption of this type, the metonymy...