Each country produces just one good, corn, by means of corn, labour and land. Capitalists allocate their funds between corn production and the purchase of land so as to equalise the rate of profit on these activities under equilibrium expectations. Autarky in natural equilibrium is briefly...

Making use of and following substantive rationality is a costly and not always feasible option. In games, this option generates two levels of reasoning. The player has to decide how to play the overt game, but this requires him to decide how to play an underlying game in which the alternatives...

Completeness and transitivity of preferences go a long way towards detennining what it is rational to do. This risks reducing being free to being rational or to being irrational. It is argued that in fact, preferences, and in particular abilities to perceive and evaluate, are, at least in part,...

Making use of and following substantive rationality is a costly and not always feasible option. In games, this option generates two levels of reasoning. The player has to decide how to play the overt game, but this requires him to decide how to play an underlying game in which the alternatives...

The Kreps—Wilson—Milgrom—Roberts framework is one of the most renowned ways of modelling reputation—building. Once the number of repetitions of the game is considered as a choice variable, such a framework can fruitfully be employed to study the optimal length of a relationship. We...