h i g h l i g h t s • Tournaments are designed to enhance participants ’ effort and productivity. • We empirically study the impact of interim rank on performance using data from international diving tournaments. • We find that competitors systematically underperform when ranked closer to the top, despite higher incentives to perform well. a r t i c l e i n f o Article history:

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ed exo ine agents who recurrently play a against each other agent in the n a classical result, Kandori et al. f the bilateral game is a 2×2 is such that strategies leading to ts coordinate on risk-dominant he pre lt gave ilds on The KMR model can be readily interpreted as a model of mimicked.1 In a framework with memory, the rule will specify to imitate the action which has led to highest payoffs in remembered experience.2 A standard element in learningmodels is the presence of exogenous inertia (see e.g. Samuelson, 1994 or Kandori and Rob, 1995), defined as an exogenously given probability 0≤ρ<1 that each single agent is notimitation (see KMR, p.31; Rhode and Stegeman, 1996; Sandholm, 1998) where agents mimic the actions which led to highest payoffs in the last period. In this note we consider exactly such a framework and endow agents with bounded memory, hence allowing them to make use of the information gained in the most recent periods of play. Agents remember all actions and payoffs observed in the last K≥0 periods of play in addition to the current one. such that aNc, dNb, aNd, and a+b<c+d. Hence, (P,P) and (R,R) are strict Nash equilibria, (P,P) is Pareto efficient and (R,R) is risk dominant. This is the most interesting case.The imitation rule used in KMR can be d best”, where simply the action leading to

Scientific research, Scientific production, Scientific publishing, Scientific literature, Scientific journals Scientific publishing is the destination of research results. Publications are the receivers of “products ” resulted from scientific researches, but they are also incentives for researchers due to the provided informational resources. Thus, scientific journals “trade ” information, and researchers are engaged in activities that constantly enrich the scientific fund with “finished products ” that afterwards become “raw material ” for other researchers during “the scientific cycles of production”. As such, scientific publishing is a dynamic phenomenon, and scientific literature is constantly developing. The goal of this paper is to research Romanian scientific publications by conducting dynamic analyses and by providing researchers with new information about national scientific publishing.

The quality and the skills of human resources are important factors in the success of every organization wherever it act. Moreover this is really true in a very competitive market such as European Union. In the European Union the number of persons who are taking part in high education studies after the age of 25 years has seen an upward trend in recent years, increasing thus the share of employed graduates of tertiary education in total employment over 25 years. This increase is generated by the access to education forms adapted in terms of time and location of training. The appearance and development of these forms can be explained by the use of information technology (Internet access). Statistics show that in the EU, household access to the Internet and its frequency of use was also increasing, approximately 80 % of all persons aged 16 to 74 years have ever used this information and communication tool.

According to empirical studies, speculators place significant orders in commodity markets and may cause bubbles and crashes. This paper develops a cobweb-like commodity market model that takes into account the behavior of technical and fundamental speculators. We show that interactions between consumers, producers and heterogeneous speculators may produce price dynamics which mimics the cyclical price motion of actual commodity markets, i.e., irregular switches between bullish and bearish price developments. Moreover, we find that the impact of speculators on price dynamics is non-trivial: depending on the market structure, speculative transactions may either be beneficial or harmful for market stability.

h i g h l i g h t s • We introduce the envelope condition method (ECM) for solving dynamic programming problems. • ECM simplifies rootfinding and is faster than conventional value function iteration. • ECM is similar in accuracy and speed to Carroll’s (2005) endogenous grid method (EGM). • We introduce accurate EGM and ECM that approximate derivatives of value function. • Codes are available. a r t i c l e i n f o Article history:

Many governments from euro area continue to adopt the EU reglementations and policies anti crisis. Members of governments and parliaments of the euro area try to maintain liquidity in the economic system at this fragile moment of transition between crisis and growth and to develop exit strategies for winding down stimulus programmers once recovery has firmly taken root and to adopt medium-term measures to restore budgetary level. In this work are presented some of the most significant anti-crisis measures taken by some governments in the euro area. A comparative analysis for some representative countries from the euro area has been done in order to conclude that some anti-crisis measures had the desired effect, while others have side effects that required further actions.

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Economic growth It is obvious that human capital is critical for economic growth. The exploration of the impact of human capital on growth could bring valuable information for policy makers to substantiate their development strategies and to stimulate factors leading to economic growth. The paper aims to investigate the relationships between human capital and economic growth in the romanian economy by analyzing the correlations between statistical variables measuring human capital and economic growth. Using a regression model, it is analyzed the impact of the educational and health capital on the economic output. In the paper, a linear regression model of the relation of human capital to economic growth is subjet of an empirical analysis, firstly, taking into consideration only education as human capital and secondly, incorporating in the model the both components: health and education. A strong correlation between educational variables and GDP, for 1990-2010, was found. The quality of the educational capital has a determinant role in the economic growth, the highly educated people are influencing more the economic output than the secondary educated ones. GDP per capita is negatively correlated with the number of worked hours and positively influenced by the life expectancy. The most important contribution contained by this article refers to the incorporation of the two components of human capital in the same econometric model explaining the economic growth. The added value of paper consists in offering suggestions and orientation for national educational policies.