This study discusses the potential applicability of Agent-based Computational Economics (ACE) for macroeconomic modeling, with a particular stress on the following three issues: (1) taxonomy - what types of agents for macroeconomic models?; (2) scale robustness - how many agents for...

 The Iowa floods of 2008 were a very destructive natural disaster with total property losses far exceeding the in-state damages occurring during the 1993 floods. Current estimates place total damages to private property and public infrastructure at over $3 billion, with the highest volume of...

Applying auction theory to the toxic-asset rescue plan currently released by the United States Treasury Department, this paper demonstrates an equilibrium where moderately poor bidders outbid rich bidders in such auctions. After defeating their rich rivals and acquiring the toxic assets, such...

The Journal of Cooperatives (formally titled the Journal of Agricultural Cooperation) was published as a print journal from 1986 to 2003. The journal resumed publication as an electronic journal in 2007. This article provides a short history of the journal, analyzes trends in authorship,...

Cooperative approaches provide an alternative for small- and medium-sized producers to obtain the efficiencies of large farming operations and remain competitive in an increasingly concentrated agricultural industry. This article examines the motivation and effectiveness of equipment and labor...

In this paper, we argue that the observed difference in the cost of intraday and overnight liquidity is part of an optimal payments system design. In our environment, overnight liquidity affects output while intraday liquidity affects only the distribution of resources between money holders and...

We study a variant of the conventional keeping-up-with-the-Joneses setup in which heterogeneous-ability agents care both about consumption and leisure and receive an utility premium if their consumption exceeds that of the Joneses'. Unlike the conventional setup in which all agents are assumed...

In the context of U.S. farm policy, this paper analyzes the effect that expectations about base acreage and yield updating in future policies have on a farmer's production decisions in the presence of price, yield and policy uncertainty. We consider a risk averse farmer producing a single crop...

 A social planner wishes to launch a project but the contenders capable of running the project are cash-constrained and may default.  To signal their capabilities, the contenders may finance their bids through debt or equity, depending on the mechanism chosen by the social planner.  When...