We observe many episodes in which a large number of people attempt to withdraw their deposits from a bank, forcing it to suspend withdrawals or even to fail. In contrast with the view that those episodes are driven by consumers panic or sunspots, we propose to explain them as a consequence of...

Organizations have, in the past, often been discussed as if they were Cartesian mentalities, planning agendas, learning from doing, processing information, reducing equivocality, mimicking and copying, floating disembodiedly apart from the actors who work in these organizations. We are offered...

The effect of human capital composition on growth and development has been somewhat neglected in economic literature. However, evidence has suggested the importance of engineering and technical skills to economic growth and international organizations had suggested their shortage in developed...

This paper advances a theory about the way patterns of positive and negative organizing unfold. It is grounded in data collected from 58 individuals. We followed an inductive logic and used critical incidents to collect information on positive and negative processes and outcomes. From this we...

We show that a strategy is a Nash equilibrium in a game with a continuum of players if and only if there exists a sequence of finite games such that its restriction is an "n-equilibria, with "n converging to zero. In our characterization, the sequence of finite games approaches the continuum...

This paper studies the impact of dry markets for underlying assets on the pricing of American derivatives, using a disrete time framework. Dry markets are characterized by the possibility of non-existence of trading at certain dates. Such non-existence may be deterministic or probabilistic....

Most opportunistic -type models of political business cycles tend to posit a given objective for incumbents: maximisation of re-election chances. Though taking an opportunistic view too, we suggest a new explanation for a fiscal policy cycle: the incumbents concern with her own welfare in cases...

Research and Development (R&D) endogenous growth models predict and most evidence show that investment in R&D increase with economic development. We consider the type of human capital mainly used in research labs and show that the richest countries are investing proportionally less than middle...

During the last days of the year 2003 twenty-five European countries failed to come to terms with all demands enclosed within the project of a Constitution for Europe. Everyone went home. Now nothing is agreed upon before all is agreed upon, and hopes are high that the Irish Presidency will...

We study signal-dependent experimentation in the presence of accumulation and show that the passive-learner’s action surprisingly coincides with the experimentor’s when the unknown term is the one determining the decay rate of the stock, while they differ when the parameter being learned is...