This study describe an experiment on individual learning in the domain of cognitive economics. The authors’ main goal is to observe and to describe how subjects elaborate rules and regularities in problem solving. Involved subjects are asked to choose between different scores related to an...

Investors systematically deviate from rationality when making financial decisions, yet the mechanisms responsible for these deviations have not been identified. Using event-related fMRI, we examined whether anticipatory neural activity would predict optimal and suboptimal choices in a financial...

This paper proposes an expected utility framework for the treatment of theoretical and empirical issues in technical analysis. Circumstances are found in which a technical analysts' behaviour is 'rationalisable' and schemes for learning such rational behaviour are considered. The decision...

This paper seeks to understand the economic impact of centralized and decentralized ownership structures and their corresponding pricing and investment strategies on transportation network performance and social welfare for travelers. In a decentralized network economic system, roads are owned...

This paper examines the growth of a network based on the present conditions of the network, traffic demand, other demographic characteristics, project costs, and a budget constraint. The effects of expanding a link on its upstream and downstream neighbors, as well as on parallel links are also...

This paper models entrepreneurship as the entrepreneur's information processing activity in order to predict changes in demand and reallocate resources. The results show that allocative efficiency---and therefore aggregate productivity---increases through intensified competition by entrepreneurs...

Innovative activity is performed to a considerable extent in the service sector, namely within the socalled knowledge intensive business services (KIBS). Nevertheless, little is known about the determinants of innovative activity in these firms. In the present paper, some of these determinants...

Introducing the concept of innovation capital we will analyse conditions under which a national industry is able to succeed in international Schumpeterian competition. Then we will discuss the significance of this concept for the economic development of the German plastics industry from the...

The aim of this paper is to discuss the state-of-the art and the directions for research on the make-orbuy problem. After thirty years of research efforts, we now have numerous contributions explaining different aspects of the nature and existence of the firm. The search for a unified theory,...

From the perspective of the Walrasian general equilibrium model, entrepreneurial and opportunistic behavior seems foreign. Can the model be refashioned so that it can accommodate such behavior? Many would say no, but we argue the contrary. Indeed, we present a reformulation of the model that...