Based on measurements among 332 owner-managers (hog farmers), we investigate how the global shape of the utility function (i.e., S-shaped versus concave or convex over the total range of outcomes) relates to choice behavior. We find that the global shape of the utility function differs across...

Care must be taken in extending the formulation and solution methodology of Federgruen and Zheng (1992) to include a stockout cost of a different dimensionality: $/unit, rather than $/unit/year. Federgruen and Zheng formulate this extended model for Poisson demand. We modify their formulation to...

NK models are agent-based simulations of market evolution generated through new entry and firm innovation, and are often focused on better understanding complex interdependencies in organizational phenomena. We provide a counterpoint to the mostly optimistic descriptions of the advantages and of...

A long-standing question in the organizations literature is whether firms are better-off by using simple or complex representations of their task environment. We address this question by developing a formal model of how firm performance depends on the process by which firms learn and use...

In the behavioural and evolutionary perspectives it is usually supposed that firms’ performance depends significantly on their exploration activities, because they enlarge firms’ knowledge base. The analysis has been here focused on accessing external knowledge, that is acquiring and...

Increasing working memory (WM) capacity is often cited as a major influence on children’s development and yet WM capacity is difficult to examine independently of long-term knowledge. A computational model of children’s nonword repetition (NWR) performance is presented that independently...

Economics is currently experiencing a climate of uncertainty regarding the soundness of its theoretical framework and even its status as a science. Much of the criticism is within the discipline, and emphasizes the alleged failure of the neoclassical viewpoint. This article proposes the...