Equilibrium outcomes in signalling games can be very sensitive to the specification of how receivers interpret and thus respond to deviations from the path of play. We develop a micro-foundation for these off-path beliefs, and an associated equilibrium refinement, in a model where equilibrium arises through non-equilibrium learning by populations of patient and long-lived senders and receivers....

Economies are open complex adaptive systems far from thermodynamic equilibrium, and neo-classical environmental economics seems not to be the best way to describe the behaviour of such systems. Standard econometric analysis (i.e. time series) takes a deterministic and predictive approach, which encourages the search for predictive policy to ‘correct’ environmental problems. Rather, it seems tha...

Until the twentieth century, economics and politics were studied together under the heading of political economy. Two major nineteenth-century treatises on the subject, by David Ricardo (1817) and John Stuart Mill (1848), had the title Principles of Political Economy. Toward the end of that century, the subdisciplines separated; the turning point might be marked by the publication of Alfred Mar...

The following presents a review of power laws in financial economics. It is a chapter from a preliminary draft of a very long review article called “Beyond equilibrium and efficiency”. While some of the discussion is specific to economics, most of it applies to power laws in general – the nouns may change, but the underlying questions are similar in many fields. This draft is still highly preli...

In this article one investigates Rugina's Orientation Table and one gives particular examples for several of its seven models. Leon Walras's Economics of Stable Equilibrium and Keynes's Economics of Disequilibrium are combined in Rugina's Orientation Table in systems which are s% stable and 100-s% unstable, where s may be 100, 95, 65, 50, 35, 5, and 0. The Classical Logic and Modern Logic are u...

We prove the folk theorem for the Prisoner’s dilemma using strategies that are robust to private monitoring. From this follows a limit folk theorem: when players are patient and monitoring is sufficiently accurate, (but private and possibly independent) any feasible individually rational payoff can be obtained in sequential equilibrium. The strategies used can be implemented by finite (randomiz...

This paper gives an overview of the types of models available for analysing possible futures of the global economy. It then focuses on dynamic intertemporal general equilibrium models and describes how these models are used for both projections and scenario analysis. Some lessons from recent history both theoretical and practical are used to demonstrate the usefulness of the models. Address Cor...

The Internet at the interdomain level is highly dynamic, as autonomous networks change their connectivity to optimize either monetary cost, profit and/or performance. Internet Service Providers (ISPs), for example, are mainly concerned with maximizing their profits, and they attempt to do so by changing their set of providers or peers. It is not well understood, however, what the properties of ...