The aim of this paper is to study emergent patterns of demand when there are social interactions between different consumers. Specially, our concern is with the case in which consumers' preferences are influenced by the consumption behaviour of others.

Global average temperature rose 1 o F in the last 100 years allegedly due to increasing greenhouse gas concentrations in the atmosphere. In reaction, global society is moving toward coordinated action to reduce manmade greenhouse gas emissions in an effect to avoid possible future adverse...

Threshold Autoregressive Models (TAR) along with other nonlinear time series models have attracted much attention in recent years in time series analysis. TAR models have been applied to a variety of time series. It has been reported that they have a good in sample fit but like many other...

This paper provides a new explanation why several US states have implemented supermajority requirements for tax increases. We model a dynamic and stochastic OLG economy where individual preferences depend on age and change over time in a systematic way. In this setting, we show that the first...

This paper traces the evolution of debate about the question of Rules versus Discretion in monetary policy from about 1800 until the mid 1930s. Particular attention is paid to long-versus-short-run issues, notably with respect to the 1844 Bank Charter Act, and the Bagehot Principle, as well as...

Along with the rise in income inequality in the U.S., we have observed a simultaneous move toward fiscal devolution and increased government reliance on private provision of public goods. This paper argues that these phenomena are related. We describe a model of jurisdiction and policy formation...