The coexistence of conventions

Article Abstract:

A mathematical model is used to analyze the stability or instability of conventions used in the formulation of economic theorems. The model is employed in a an anonymous play a 2x2 game with two strict Nash equilibria, one of which risk-dominates the other. Results indicate that strategy choices which are conditional on any signal tend to gravitate toward whichever strategy maximizes expected utility.

Equilibrium (Economics)

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Existence and stability of conventions and institutions in a monetary economy

Article Abstract:

The microfoundations of a monetary economy are investigated by using a model that takes into account a full-fledged historical account of the evolution of a system initially based on commodity to the present-day system of inside money supported by non-redeemable fiat money. The model is also used in analyzing the impact of individual knowledge on the formation of a monetary economy.

Free enterprise

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On the theory of reference-dependent preferences

Article Abstract:

Economists believe that preferences are conditional on reference points. A condition of continuity and a condition that rules the cycle of choices are given as a link between preferences and reference points.

United States, Consumer preferences, Economic theory

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