On the robustness of behaviour in experimental 'beauty contest' games

Article Abstract:

A variety of behavior was observed in numerous different versions of an experimental guessing game, also called beauty contest game. A resemblance was observed in the behavior of mean and median games in terms of first round choices, degree of reasoning and learning direction. With regards to the ten-round median game session, the degree of reasoning of participants tend to be higher compared to those engaged in mean game. First round choices are much higher in maximum game than in the mean or median games.

Models, Analysis, Differential games, Game theory

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Happiness and economic performance

Article Abstract:

The happiness of people living in industrialized countries is not completely associated with improvement in economic performance. Developed nations continue to experience high incidence of suicide, with men accounting much of the suicide-related mortality rate, despite dramatic improvement in quality of life. America's rate of happiness has only managed to increase only by a fraction since the end of World War II. Europe's level of life satisfaction grew slightly from the level recorded twenty years ago.

Psychological aspects, Economic development, Happiness, Satisfaction, Satisfaction (Psychology)

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Pension reform and economic performance under imperfect capital markets

Article Abstract:

An indirect relationship exists between imperfect capital market's economic performance and pension funding type. Greater economic output becomes synonymous with a fully funded scheme only when the lending rate is higher than the growth rate. Such condition exists since through a high lending rate, a fully funded scheme creates a higher number of skilled workers. On the other hand, it was found that poverty traps may result due to transition paths.

Pension, health, and welfare funds, Pension Funds & Benefit Plans, Pension Funds, Capital market, Capital markets

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