Through a comparison of two communities, this paper addresses village formation in frontier Campeche, Mexico. Mexico's village political unit, the ejido, allows farmers flexibility in deciding who may take up residence in their communities. The paper analyzes how established farmers employ ideas of ethnicity, family, and expectations of social strife to assess the longterm compatibility of newc...

The purpose of this article is twofold. First, we present an alternative model of agglomeration and trade that displays the main features of the recent economic geography literature while allowing for the derivation of analytical results by means of simple algebra. Second, we show how this framework can be used to permit (i) a welfare analysis of the agglomeration process, (ii) a fullfledged fo...

Psychological states side by side with the bounded rational expectations among social agents contributes to the pattern of consumptions in economic system. One of the psychological states are the envy – a tendency to emulate any gaps with other agents’ properties. The evolutionary game theoretic works on conspicuous consumption are explored by growing the micro-view of economic agency in lattic...

This article sheds light on the impact of media economists' expectations for future economic developments. We conducted a worldwide expert survey and find that provides most economists with valuable information influences their expectations. applies significantly more in countries long standing democratic systems developing somewhat flawed institutions than newer democracies authoritarian regim...

We design a procedure for measuring the United States capital stock of money implied by the Divisia monetary aggregate service flow, in a manner consistent with the present-value model of economic capital stock. We permit non-martingale expectations and time varying discount rates. Based on Barnett’s (1991) definition of the economic stock of money, we compute the U.S. economic stock of money b...

Despite these challenges, we have certainly come a long way. We have learned to rely on "natural experiments" something like studying the resilience of a roofing structure by investigating the aftermath of a hurricane to compensate for the unavailability of controlled experimentation. The rational expectations revolution and recent developments on bounded rationality and experimental economics ...

The interaction between economic integration and environmental policy has become an important issue in the last few years. Despite the considerable scholarly attention this topic attracted, actual government responses in terms of environmental policy outputs remain largely untouched by both theoretical and empirical work. To fill this gap, we suggest a theory-based disaggregation of the compoun...

economic stabilization is one of the main government objectives in the economy. one of the most destructive and devastating factors that could damage financial markets, are price bubble formations. thus, bubble creation in stock markets can be considered as a result of investor behaviors, because the market prices mainly reflect investor expectations from firm’s future perspectives. the aim of ...