INFER Workshops

Bounded Rationality in Economics and Finance

From: 2006-12-01 to: 2006-12-02
Place: Loughborough, UK

Attached files:

Workshop Objectives

This INFER workshop provides an opportunity for everybody interested in bounded rationality in economics and finance to present their research and to exchange their ideas. It is an excellent opportunity to bring together researchers and practitioners alike who are interested in theoretical aspects of bounded rationality as well as in practical issues. Researchers are invited to submit theoretical and applied papers in economics and finance. We will also invite keynote speakers on this topic.


The workshop is open to anybody involved in economics and finance issues, including both young and experienced researchers, post-doctoral students, and professionals from business, government and non-governmental institutions.

Submission of Papers

Deadline for submission of papers was September 30, 2006.

All papers will be peer reviewed. Authors of accepted papers will be notified no later than October 30, 2006.

Paper presenters are expected to discuss one other paper during the workshop. The discussant assignments will be made by the workshop organisers at a later date.

Publication of Papers

A selection of papers presented at the workshop will be published in one or more INFER volumes shortly after the workshop. For details of possible publication outlets see publications.


Please find a downloadable version of the preliminary programme below in attached files section.

Friday, 1 December



Registration and Coffee


Welcome Address by Michael Pickhardt (Chair of INFER), Christian Richter (Workshop Organiser) and Prof David Llewellyn (Director of Research, Dept of Economics, Loughborough University)


John Thanassoulis (Oxford University): “Optimal Stalling when Bargaining against Optimism and Self-Serving Biases”, Discussant: Ivan Barreda-Tarrazona (University Jaume I of Castellon).


Ivan Barreda-Tarrazona (University Jaume I of Castellon): “Heterogeneous and Imperfect Information in an Experimental Asset Market”, Discussant: John Thanassoulis (Oxford University).




Gautam George (Brandeis University): “Features of the Continuous Double Auction: A Zero Intellligence Market”, Discussant: Ioannis Krassas (Exeter University).


Ioannis Krassas (CITY College): “Investor Reactions, Trading Volume and EPS surprise: The Case of Profit Warning”, Discussant: Gautam George (Brandeis University).


Tom de Schryver (University of Antwerp): “Do tests of nonlinearity measure the effect of bounded rationality on organizational decision making?”, Discussant: Michael Hütl (Vienna University of Economics and Business Administration).


Coffee Break


Michael Hütl (Vienna University of Economics and Business Administration): “Quantitative-Behavioural Capital Market Modelling by Means of a Doubly Stochastic Process”, Discussant: Tom de Schryver (University of Antwerp).


Christiane Schöne (University of Münster): “The Quality of Floor and Electronic Trading Systems Directly Compared: Evidence from A Natural Experiment on the German Stock Market”, Discussant: Thomas Wu (University of California Santa Cruz).


Thomas Wu (University of California Santa Cruz): “The Puzzling Evolution of the Home Bias, Information Processing and Financial Openness”, Discussant: Christiane Schöne (University of Münster).


Gautam George (Brandeis University): “Statistical Behaviour of Price in the Continuois Double Auction”, Dicussant: Barbara Luppi (University of Bologna).


Workshop Dinner

Saturday, 2 December



Monica Tudor (Western University of Timisoara): “The Evolution of Employment Rate in Romania as a Result of the European Union’s Cohesion Policy”, Discussant: Christian Richter (Loughborough University).




Fred Jennings (Center for Ecological Economic and Ethical Education): “A Horizonal Theory of Pricing in the New Information Economy”, Discussant: Mikael Bask (Umea University).


Mikael Bask (University of Helsinki): “Robust Taylor Rules in an Open Economy with Heterogeneous Expectations and Least Squares Learning”, Discussant: Fred Jennings (Center for Ecological Economic and Ethical Education).


Laurent Percebois (Universite Paris I Pantheon Sorbonne): “Reconciling Bounded Rationality with the Search for Performance in Public Administration: Herbert Simon’s Perennial Ideas vs. the New Public Management?”, Discussant: Michele Berardi (University of Manchester).


Michele Berardi (University of Manchester): “Monetary Policy with Heterogeneous and Misspecified Expectations”, Discussant: Laurent Percebois (Universite Paris I Pantheon Sorbonne).




Barbara Luppi (University of Bologna): “Price Competition over Boundedly Rational Agents”, Discussant Gautam George (Brandeis University).


Allessandro Marchesiani (University of Rome “Tor Vergata”): “Inflation Linked Bonds and Monetary Policy”, Discussant: Ancuta Popa (West University of Timisoara).


Ancuta Popa (West University of Timisoara): “Monetary Policy in Central and Eastern European Countries”, Discussant: Allessandro Marchesiani (University of Rome “Tor Vergata”).


Coffee Break


Magdalena Jurecka (Universitat Autonoma de Barcelona): “On the Learning foundations of Rule of Thumb Consumers”, Discussant: Birendra Rai (Max Planck Institute of Economics).


Birendra Rai (Max Planck Institute of Economics): “Evolution of Division Rules”, Discussant: Magdalena Jurecka (Universitat Autonoma de Barcelona).


Frederico Sallusti (University of Roma Tre): “Organizational Structure and the Trade Off between Static and Dynamic Efficiency of the Firm”, Discussant: Fred Jennings (Center for Ecological Economic and Ethical Education).


Fred Jennings (Center for Ecological Economic and Ethical Education): “Horizon Effects, Sustainability, Education and Ethics: Toward an Economics of Foresight”, Discussant: Tudor Monica (Western University of Timisoara).




If you want to attend this INFER Workshop, please print the registration form and send or fax the completed copy to INFER. Please do not forget your signature.


The INFER workshop on bounded rationality will be held at Loughborough University, Loughborough, UK. Loughborough is a lively town in the heart of the midlands between Nottingham and Leicester. Loughborough is very much characterised by the University: the UK’s major sports university. Loughborough University has therefore excellent sport and conference facilities.

Loughborough is a town with good restaurants and pubs and a very nice surrounding. More information can be found at

To get to Loughborough is easy: either with a low cost airline to East Midlands airport or by train from London St. Pancras to Loughborough. Please find links to low cost airlines and the train service below. If you are arriving at East Midlands airport, there is a direct bus service to Loughborough.

The workshop will take place in the Richard Morris Building, Room BE2.51. You can find the Morris Building marked with the number 60 on this map of the university (Download). The way to the university itself can be found here (Link).


We recommend accommodation provided by the university’s conference centre. Information can be found at However, when it comes closer to the workshop we will provide a more comprehensive list of accommodation in Loughborough.

Please find a list of hotels and B&B's that are located close to the University at the following link:

Further Information:

Updated information concerning registration details and location of the workshop, as well as downloadable registration forms will be provided in due course on this page. The preliminary workshop program will be posted here by early-November, 2006.

Questions may be directed to the workshop organiser, Dr Christian Richter, .


Low cost airlines flying to East Midlands airport from all over Europe:

* bmi baby:
* easyjet:
* First Choice:
* Ryanair:

Regular Airlines:

* British Midlands (Star Alliance):

Train Connection:

* Web page with comprehensive connections (and booking facility):

Bus Service to Loughborough from East Midlands airport:

* Kinchbus (Air-line Shuttle Service 2):

Please note: If you take the airline shuttle service bus, you have to change at the terminal station (Loughborough train station) to the “University Shuttle” bus which will take you straight to Loughborough university.

National bus:

* National Express provides an UK wide bus service which may also be suitable for people coming from London or other international UK airports and/or cities:


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