The focus of this study is on black markets which provide an important segment of the parallel economy. These markets operate in disequilibrium,search and information costs become very important.Trafficking in drugs taken as case, to explore both theoretically and empirically. The problem,...

Italian Abstract: Elementi di teoria dei giochi necessari ad implementare e risolvere giochi statici e dinamici con informazione completa e incompleta. Particolare attenzione e dettagli di soluzione sono esposti per i giochi bayesiani dinamici con informazione incompleta

In this paper we give a survey of recent work on game theory devoted to modeling decision making under bounded rationality. An agent's deviation from rational choice understood as maximization of gain can be caused by moral principles (religious beliefs, altruism, patriotism), emotions (envy,...

In this paper we give a survey of recent works on game theory devoted to modeling of decision making process under bounded rationality. An agent's deviation from rational choice understood as maximization of gain can be caused by moral principles (religious beliefs, altruism, patriotism),...

I will address eight common claims about bitcoin: 1. Physical bitcoins exist; 2. The founder of bitcoin is a person called Satoshi Nakamoto; 3. Bitcoin is mainly used for criminal activity; 4. A lack of security plagues bitcoin; 5. Mining is a waste of energy; 6. Bitcoin too small today to be an...

Cryptography is about communication in the presence of an adversary. Cryptofinance is the efficient exchange of ownership, the verification of ownership, as well as the ability to algorithmically design conditional contracts, all with security, privacy, and minimal trust without using...

India has the world's second largest urban population (after China). This paper shows the large disparities within this urban population in health related indicators. It shows the disparities for child and maternal health, provision for health care and housing conditions between the poorest...

Price elasticity of demand measures how much, in terms of percentage change, the quantity demanded responds to a change in price. In this pedagogical note, first we intuitively introduce the very first notion of price elasticity, which is a directional measure because it describes the impact of...

We examine here the quasi-transitivity axiom which is considered to be a minimal criterion which a rational preference should respect. We check for the consistency of this axiom with the well-known theory if choice function.

Methods of statistical physics have proven valuable for studying the evolution of cooperation in social dilemma games. However, recent empirical research shows that cooperative behavior in social dilemmas is only one kind of a more general class of behavior, namely moral behavior, which includes...