Comparing behavior under risk and under ambiguity in a lifecycle experiment

Experiments on intertemporal consumption typically show that people have difficulties in optimally solving such problems. Previous studies have focused on contexts in which agents are faced with risky future incomes and have to plan over long horizons. We present an experiment comparing decision making under certainty, risk, and ambiguity, over a shorter lifecycle. Results show that behavior in the ambiguity treatment is markedly different than in the risk condition and it is characterized by a significant pattern of under-consumption

Fostering Sustainable Innovation through Creative Destruction Theory

The current information age is modelled on the advancement of innovative mindset of creative thinkers, championed through means associated with transformative technologies embodied on events like, high speed internet and payment system, thereby making it possible for transactions to be dealt with almost instantaneously. Such developments are essentially vital, given its prospect for championing growth rate and dynamism in the world economy and also, the need to ensure living conditions are adequately satisfied, particularly in the direction of the Sustainable Development Goals (SDG) earmarked for full implementation in the year 2030. The concept of innovation is widely used in all walks of life - the effort of Schumpeter’s paradoxical term, “creative destruction” became highly prominent in the 1950s, which many economists in recent time have endeavoured to linked with free market economics (Cozzi and Galli, 2019; Benigno and Fornaro, 2018). Creative destruction as proposed by Schumpeter, and also explained by Alm and Cox (Online) is essentially facts about capitalism, which is thought to be a shorthand description of free market’s messy way of delivering progress

Environmental Degradation, Longevity, and the Dynamics of Economic Development

Pollution, Longevity, Capital accumulation, Poverty traps,

Coasian dynamics in repeated English auctions

Dynamic auctions, Coase conjecture, Reserve prices, D44,