This paper analyzes the effect of the availability of information about the payoff structure on the behavior of players … in a Common-Pool Resource game. Six groups of six individuals played a complete information game, while other six groups … played the same game but with no information about the payoff function. It will be shown that the patterns of investment …

theory of melioration is to exclusively play A, while the Nash equilibrium is to almost exclusively play B. The predictive … learning processes exhibited by players. …

rationality behaviour by people. Quite recent developments in the Economics of Knowledge, i.e. the so-called learning models, have …, has always considered sets of individuals with assumed characteristics, namely the level of knowledge, although in an … individuals, was characterised by a certain level of knowledge that, indeed, could be associated with the one of its …

In this paper I propose a novel abstract mechanism for the creation and diffusion of knowledge and use an agent based … explain and the stocks of knowledge available in a society, be it individually or collectively. I find that the aggregate … number of knowledge units in a society increases more slowly, the more naive its inhabitants are. I also find that the …

Mainstream monetary theory considers money only as an instrument meant to facilitate trading without having any effect … on income or on the evolution of the economic system. The aim of this paper is to elaborate a monetary theory capable of … and Schumpeter. First, in contrast with mainstream theory, Keynes and Schumpeter state that the diffusion of a fiat money …

We propose a model of learning when experimentation is possible, but unawareness and ambiguity matter. In this model …, complete lack of information regarding the underlying data generating process is expressed as a (maximal) family of priors …. These priors yield posterior inferences that become more precise as more information becomes available. As information …