This paper describes a price game in which buyers’ decisions about how much and where to buy are based on different information and/or preferences. Such consumers’ behavior is likely when demand comes from public agencies and state-owned firms. Consumers in this case are said to be...

Modern economies devote a relevant share of their resources to education. However, even among industrialised countries, there are di􀀞erences in the traits of the education system and in its outcome in terms of human capital composition. The question we pose in this paper is why the...

The empirical literature using large international students’ assessments tends to neglect the role of school composition variables in order not to incur in a misidentification of peer effects. However, this could lead to an error of higher logical type since the learning environment...

This paper proposes a stylized two-period two-country OLG model illustrating the potential role played by the nationality of investors on the incentives for a government to renege on its domestic debt. The two countries belong to a Monetary Union where monetary policy is decided by the...

It is suggested that individual behavior under ambiguity, or knightian uncertainty, may represent an alternative explanation for contractual incompleteness with respect to the traditional approach in terms of transactions costs. This paper aims at showing that the introduction of ambiguity in...

We analyze the role of risk aversion and intertemporal substitution in a simple dynamic investment model. Our main finding is that risk aversion cannot by itself explain a negative relationship between aggregate investment and aggregate uncertainty, as the effect of increased uncertainty in...

An imperfectly competitive economy is considered were aggregate externalities are the source of multiple equilibria. In fact, the choice to adopt a higher productivity technique implies a lower price for the single market and a lower average price at an aggregate level. This results in a higher...

In this paper we present a continuous time dynamical model of heterogeneous agents interacting in a financial market where transactions are cleared by a market maker. The market is composed of fundamentalist, trend following and contrarian agents who process information from the market with...

The treatment of exhaustible resources in the context of classical theory is currently the object of intense debate. In particular, different views are held as to whether the classical ‘normal positions’ can adequately deal with the prices for the use of exhaustible resources...

The last twenty years have seen a marked slowdown of the Italian productivity growth rate. The literature has underlined the role of international factors, such as globalization and adoption of the euro. In this paper we emphasize the role and dynamics of capital accumulation investigating the...