We reviewed the empirical evidence for the effect of institutions on per capita GDP growth. Although several of the literature suggested institutions are the primary cause of growth; empirical evidence is somewhat inconclusive. On one hand, it partly reflects that technical limitations -...

Obfuscation is ubiquitous and often intentional. We consider an uninformed Principal who chooses how costly it will be for the Agent to obtain and process new information. Thus, obfuscation and transparency are endogenous to the problem at hand. Using a rational inattention framework, we study...

It was once possible to spread untruths and distortions of history and fact in the form of untruths and distortions of history and facts through word of mouth, manuscripts. However, today with the use of modern technology, it is possible to spread fake news to the point that it is affecting the...

We conducted a survey on institutional investors in Beijing and Shenzhen to analyze the factors affecting green bond (GB) investing in China, such as credit rating, GB issuer, fund use, liquidity, redemption term, certification label, and type of currency. We then compared the results for...

Based on a dialectical analysis of purposeful activity, a decentralized economy is presented as a complex nonlinear living system of economic actions. In such an economy, the general laws of the universe, which dialectics and synergetics studies, manifest themselves in a specific form. This...

This article discusses five specific economic patterns influenced by AI: the emergence of the machina economica, the acceleration of the division of labor, the introduction of AI leading to triangular agency relationships, the recognition of data and AI-based machine labor as new factors of...

Sequencing deals with the problem of assigning slots to agents who are waiting for a service. We study sequencing problems as coalition form games defined in optimistic and pessimistic scenarios. Each agent's level of utility is his Shapley value payoff from the corresponding coalition form...

After exchanges and alternative trading venues have introduced electronic execution mechanisms worldwide, the focus of the securities trading industry shifted to the use of fully electronic trading engines by banks, brokers and their institutional customers. These Algorithmic Trading engines...

This paper proposes the Shannon entropy as an appropriate one-dimensional measure of behavioural trading patterns in financial markets. The concept is applied to the illustrative example of algorithmic vs. non-algorithmic trading and empirical data from Deutsche Börse's electronic cash equity...

Let a society's unhappiness be measured by the aggregate of the levels of relative deprivation of its members. When two societies of equal size, F and M, merge, unhappiness in the merged society is shown to be higher than the sum of the levels of unhappiness in the constituent societies when...