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Sudden crashes are common features of financial markets, worldwide. Those sudden crashes cannot be explained by current economic theories, which essentially rely on changes in fundamentals. Psychological factors are a natural alternative explanation to those phenomena. In this book, we investigate those psychological factors and their impact on financial crises, with a strong focus on collective rationality. Concepts such as herd behavior and pack behavior are studied, together with their implications for financial stability.

This book studies the way subjective beliefs are modelled in game theory, asset pricing and monetary economics. We first explicitly provide mathematical foundations for the common prior assumption about nature in repeated games and asset pricing. We then recast the explanatory power of subjective beliefs in monetary economics. Our approach is to show that, in economies with rational agents, the common prior assumption has strong learning foundations in repeated game theory. In asset pricing, even though the learning foundations have been clearly identified, we aim to show that commonly...

The fight against HIV/AIDS is, above all, an economic issue. The scale of the pandemic and the lack of funds needed to eradicate it require identifying key issues in field interventions and optimal economic policies to fund them. In developing countries, where the epidemic is reaching its peak, the magnitude of governmental and international interventions triggers major crowding-out effects on every other economic decision of those countries, and thus HIV/AIDS affects every aspect of social life. Economic policies alleviating crowding-out effects are thus paramount to foster the economic...