This monograph describes and assesses the current state of behavioral law and economics. Law and economics had a critical (though underrecognized) early point of contact with behavioral economics through the foundational debate in both fields over the Coase theorem and the endowment effect. In...

The goal of this article is to provide a general characterization of group behavior in a market environment. A crucial feature of our approach is that we do not restrict the form of individual preferences or the nature of individual consumptions; we allow for public as well as private...

Production optimisation is the major objective of any production process and it is tightly related to long term sustainable development of any production factory. Among production optimisation frameworks the overall equipment efficiency (OEE) methodology is the most popular one. However, this...

We use a micro-founded macroeconometric modeling framework to investigate the design of monetary policy when the central bank faces uncertainty about the true structure of the economy. We apply Bayesian methods to estimate the parameters of the baseline specification using postwar U.S. data and...

ResumenEn este artículo se presenta un estado del arte donde aparecen los avances teóricos y empíricos que ha tenido el Sistema Casi Ideal de Demanda y, adicionalmente, las principales revistas académicas donde se ha publicado sobre el tema y los sectores donde se ha aplicado. Este trabajo...

In this rigorous and well-crafted work, Kenneth Wolpin examines the role of theory in inferential empirical work in economics and the social sciences in general--that is, any research that uses raw data to go beyond the mere statement of fact or the tabulation of statistics. He considers in...

We analyze first-price equilibrium bidding behavior of capacity-constrained firms in a sequence of two procurement auctions. In the model, firms with a cost advantage in completing the project auctioned off at the end of the sequence may enter the unfavored first auction hoping to lose it....

We study experimentally how players learn to make decisions if they face many different (normal-form) games. Games are generated randomly from a uniform distribution in each of 100 rounds. We find that agents do extrapolate between games but learn to play strategically equivalent games in the...

This paper discusses the ways by which a certain type of behavioral deviation from expected utility theory has been handled by psychologists and economists. With respect to the historical background of decision theory in economics, it is argued that there are good reasons for more theoretical...