Spanish Abstract: Dirijo estas cartas dos amigos imaginarios. En la primera, a un libertario de libre mercado, reconozco las fortalezas de su posición, pero argumento que la posición libertaria básica se debe actualizar a la luz de los desarrollos del mundo financiero y corporativo, y de la...

Some recent articles debate the implications of the results of experimental economics. It is claimed by some that these results challenge the assumptions of expected utility theory. Others deny this. Both sides presume that the assumptions of rationality or expected utility-maximization are...

The present article develops a behavioural explanation for the emergence of high levels of property rights enforcement in Europe in the Middle Ages (11th to 13th centuries). The merchant guilds have a central role in our explanation. We develop an agent-based model that allows a number of...