Trades students and trade calculations: Stupid or stupefied?

Jack of All Trades or a Master of One? Specialization, Trade and Money1

We consider a model of decentralized exchange where individuals choose the set of goods they produce. Specialization involves producing a smaller set of goods and doing it more proÞciently. In doing so, agents reduce production costs, but also reduce the ease of trading their output. We derive the equilibrium degree of specialization and examine how it is affected by underlying fundamentals. Du...

The cost-coverage trade-off: "it's health care costs, stupid".

A CCORDING TO RECENT POLLS, MANY AMERICANS CONsider health care reform the No. 1 domestic issue. 1 Presidential candidates, other politicians, health policy experts, labor leaders, business groups, and others have responded with numerous reform proposals. And somehow in the clamoring, health care reform has become equated exclusively with expanding coverage to the 47 million uninsured Americans...

Entrepreneurs: Jacks of all Trades or Hobos?

Bin Models for Trade-by-trade Data. Modelling the Numberof Trades in a Xed Interval of Time

In this paper we propose a simple time series model of the number of transactions made in intervals of length seconds. We call this model the BIN model. The properties of the BIN model are evaluated while we explore connections between this model and Cox processes | that is Poisson processes with random intensities. We apply the modelling framework to data on trades in IBM shares. Some keywords...

Going Stupid with EcoLab

In 2005, Railsback et al. proposed a very simple model (Stupid Model) that could be implemented within a couple of hours, and later extended to demonstrate the use of common ABM platform functionality. They provided implementations of the model in several agent based modelling platforms, and compared the platforms for ease of implementation of this simple model, and performance. In this paper, ...