Modern Times and Imperfect Cycles.

Modern Times

Imperfect Demand Expectations and Endogenous Business Cycles

Optimal growth models aim at explaining long run trends of growth under the strong assumption of full efficiency in the allocation of resources. As a result, the steady state time paths of the main economic aggregates reflect constant, exogenous or endogenous, growth. To introduce business cycles in this optimality structure one has to consider some source of inefficiency. By assuming that firm...

Diabetes : Modern Times.

*Endocrinology Unit, Department of Clinical Medicine, S. Orsola-Malpighi General Hospital, Bologna, Italy, 40138 I 1964 Dorothy Crowfort Hodgkin (19101944) (Figure 1) won the Nobel Prize for the discovery of insulin molecular structure by X-ray crystallography. In 1977 Rosalyn Sussman Yalow (born in 1921) (Figure 2) was awarded with Nobel Prize for the development of radioimmunoassay of polypep...

Melancholia and Depression: From Hippocratic Times to Modern Times (1986).

Cycles of cooperation and defection in imperfect learning

When people play a repeated game they usually try to anticipate their opponents’ moves based on past observations, and then decide what action to take next. Behavioural economics studies the mechanisms by which strategic decisions are taken in these adaptive learning processes. We here investigate a model of learning the iterated prisoner’s dilemma game. Players have the choice between three st...