We exhibit and characterize an entire class of simple adaptive strategies, in the repeated play of a game, having the Hannan- consistency property: In the long-run, the player is guaranteed an average payoff as large as the best-reply payoff to the empirical distribution of play of the other...

In time series from the United States, the relationship between the money to income ratio and the nominal interest rate is a negative and stable one. In Swedish data, there is no such stable relationship. In this paper, we argue that this difference can be explained by the differences in the...

We analyze slave redemption programs—the buying of slaves to give them their freedom--in a simple matching model, i.e., under the assumption that it takes time to find slaves to buy or sell. Unlike in a supply and demand framework, where sufficiently large and effective redemption programs...

Namibia does not represent a case of structural adjustment, that is, a kind of economic reform in a situation of crisis with a high leverage of external actors (IMF, World Bank). Rather, the agenda for economic reform is set by the government, and addresses the problems of the high poverty and...

We develop a model of exploitative child labor with two key features: first, parents have imperfect information about whether employment opportunities available to their children are exploitative or not. Second, firms choose whether or not to exploit their child workers. In our model, a ban on...

Subsequent to the economic difficulties of the 1980s, many Latin American governments reluctantly began to introduce market-oriented reform measures. In many cases, the new measures were adopted only as a means of participating in debt-relief programs such as the Brady Initiative. In no case,...

The Austrian social scientist Arno Tausch, back in 1998, already foresaw the present waning of the 'European social model' in his freely available electronic publication at the World Systems Archive at the University of Colorado (now at the University of California, Riverside). Table of...

Product market reforms are structural reforms of microeconomic type that aim at improving the functioning of product markets by increasing competition amongst producers of goods and services. Theoretical models suggest that regulation and reforms which liberalise or improve the functioning of...

Since the collapse of the Soviet Union, the Romanian rural economy has undergone massive changes. Increased urban unemployment has stimulated migration from towns to rural areas. Meanwhile, rural industries that were subsidised under communism have collapsed, causing rural unemployment....

There are two phenomena widely observed when an economy departs from an underdeveloped state and starts rapid economic growth. One is the shift of production, employment, and consumption from the traditional sector to the modern sector, and the other is a large increase in educational levels of...