This paper employs an arti cial agent{based computational approach to understanding and designing laboratory environments in which to test Kiyotaki and Wright's search model of money. The behavioral rules of the arti cial agents are modeled on the basis of prior evidence from human subject experiments. Simulations of the arti cial agent{based model are conducted in two new versions of the Kiyot...

We introduce lotteries (randomized trading) into search-theoretic models of money. In a model with indivisible goods and fiat money, we show goods trade with probability 1 and money trades with probability {, where {<1 iff buyers have sufficient bargaining power. With divisible goods, a nonrandom quantity q trades with probability 1 and, again, money trades with probability { where {<1 iff buye...

Endogenous and exogenous antioxidants are used to neutralise free radicals and protect the body from free radicals by maintaining the redox balance. The antioxidant properties of Dracaena sanderiana leaves were evaluated using the 2,2-diphenyl-1-picrylhydrazyl (DPPH) assay, and the total phenolic and flavonoid contents were measured. The classes of secondary metabolites were evaluated through p...

The document is intended to serve as a guide for beginners in MPSGE. It starts with a short introduction to the class of economic problems which can be solved with MPSGE, followed by a detailed description of step-by-step transformation of a simple static general equilibrium model into a dynamic Ramsey model. The model is based on a simplified dataset. Two cases are considered: the first datase...

The aim of this study is to investigate the understanding of wealth, poverty, inequality and unemployment in South African Black (African) children aged 7, 9, 11 and 14 drawn from a rural, an urban and a semi-urban setting. Two hundred and twenty-®ve children (80 rural, 60 urban and 85 semi-urban) were interviewed individually in Setswana, their mother tongue. The urban children were living in ...

The main issue raised in this note is the nonequivalence between the infinitehorizon model where agents are infinitely lived and the successive generations model with altruistic finitely lived agents: in the presence of a nonnegative bequest requirement, endowment heterogeneity imposes a revision of the acritical adoption of the infinitely lived agent representation in modern macro-economics. B...

We modify the Kiyotaki and Wright (1991, J. Economic Theory 53, 215 235; 1993, Amer. Econom. Rev. 83, 63-77) framework so that there is a universal double coincidence of wants in all barter matches. We also introduce divisible service sidepayments into the model and allow agents to bargain over bundles of goods, services and money in bilateral matches. In asymmetric matches, the agent that valu...

This paper identifies two channels through which the economy can generate endogenous inflation and output volatility, an empirical regularity, by introducing model uncertainty into a Lucas-type monetary model. The equilibrium path of inflation depends on agents’ expectations and a vector of exogenous random variables. Following Branch and Evans (2006a) agents are assumed to underparameterize th...

One of the more puzzling results in the expectations hypothesis (EH) testing literature is the Campbell-Shiller paradox. In an influential paper, Campbell and Shiller (1991) found that “the slope of the term structure almost always gives a forecast in the wrong direction for the short-term change in the yield on the longer bond, but gives a forecast in the right direction for long-term changes ...