There is an emerging consensus among macro-economists that differences in technology across countries account for the major differences in per-capita GDP and the wages of workers with similar skills across countries. Accounting for differences in technology levels across countries thus can go a long way towards understanding global inequality. One mechanism by which poorer countries can catch u...

While the idea of a matching pennies game may seem contrived, it is merely the simplest example of a general class of zero-sum games, where the total payoff of the players is constant regardless of the outcome. Consequently gains for one player can only come from losses of the other. For this reason, zero-sum games will rarely have a pure strategy Nash equilibrium. Examples would be chess, or m...

Peer-to-peer (P2P) systems enable the selection, sharing and aggregation of geographically distributed heterogeneous resources for solving large-scale problems in engineering or science. The management of resources and trading of services in such open and decentralized systems is still a complex undertaking. We propose an interdisciplinary approach to address the resource allocation problem in ...

This paper is modeled as a hypothetical first lecture in a graduate Microeconomics or Mathematical Economics Course. We start with a detailed scrutiny of the notion of a utility function to motivate and describe the common patterns across Mathematical concepts and results that are used by economists. In the process we arrive at a classification of mathematical terms which is used to state mathe...

Literature commonly finds student evaluations of economics instruction do not assess true teaching effectiveness. Many techniques improving learning outcomes result in lower because students must work harder. Still, we often rely on a single overall rating for assessing teacher quality. We construct model responses that indicate likeability the instructor and difficulty instruction. test predic...

SUMMARY In this paper we consider optimal trading processes in economic systems. The analysis is based on accounting for irreversibility factor using wealth function concept.