The expected utility approach to decision making advocates a probability vision of the world and labels any deviation from it ‘irrational’. This paper reconsiders the rationality argument and argues that calculating risks is not a viable strategy in an uncertain world. Alternative strategies...

The paper discusses some of the problems of subsistence agriculture in countries in transition and proposes a methodology for analysis. It demonstrates that approaches which ignore the dualistic agriculture structure cannot provide consistent estimates of the behavioural parameters of the total...

The paper demonstrates the effects that the largely ignored, phenomenon of subsistence farming can have on agricultural development in countries in transition. The problem of subsistence consists of the different economic behaviour of subsistence farms compared to commercial ones. The paper...

When analysing food consumption data a number of problems arise when one departs from the comparative statics of conventional demand theory. Two of these properties, non-linearity and non-stationarity present a major challenge for econometric modelling. A new method for time series analysis,...

The paper considers the problem of subsistence and semi-subsistence farming in Central and Easter Europe. The latter is analysed in terms of the institutional characteristics of the transition process. The concepts of institutions and institutional change are clarified and subsistence...

In line with recent suggestions about the potential positive effects of subsistence agriculture in fragile economies, this paper discusses and explains the effects of subsistence agriculture with emphasis on transition countries. Some micro-economic models of subsistence agriculture are reviewed...

In most countries of Central and Eastern Europe the process of transition to market economy resulted in an increasingly subsistence type of agriculture. The extent of subsistence farming varies from one country to another, but the phenomenon is universally present. The very existence, yet...

According to the Mixture of Distributions Hypothesis (MDH), returns volatility and trading volume are driven by a common news arrival variable. Consequently, these two variables should be correlated. This paper extends, and to some extent, globalises the concept of a common information arrival...

Correct assessment of the risks associated with likely economic outcomes is vital for effective decision making. The objective of investment in the stock market is to obtain positive market returns. The risk, however, is the danger of suffering large negative market returns. A variety of...