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Gains and losses: the same or different choices? A “non-ideal” economics approach.

Harin, Alexander - EconWPA - 2005

application of the approach in relation to bank deposits, investments, business projects and international activities such as …

Persistent link: https://www.econbiz.de/10005124942

Bank exit legislation in US, EU and Japanese financial centres

Granlund, Peik - EconWPA - 2004

This paper analyses bank exit (ie reorganisation and liquidation) legislation in selected financial centres: New York …, London, Frankfurt, Helsinki and Tokyo. The focus is on bank exit legislation applicable to commercial banks. The legislation … is analysed from the perspective of bank stakeholders, ie bank creditors, depositors and bank shareholders. The analysis …

Persistent link: https://www.econbiz.de/10005134685

Economic evaluation of bank exit regimes in US, EU and Japanese financial centres

Granlund, Peik - EconWPA - 2004

This paper evaluates bank exit regimes in selected financial centres using econometric methods. The focus is on bank … exit regimes applicable to commercial banks in New York, London, Frankfurt, Helsinki and Tokyo in 1998–2002. Bank exit … regimes are studied from the perspective of bank creditors and bank shareholders. In order to apply econometric methods, the …

Persistent link: https://www.econbiz.de/10005134896

Comparison of Mean-Variance theory and Expected-Utility theory through a Laboratory Experiment

Morone, Andrea - EconWPA - 2004

In the 40’s and early 50’ two decision theories were proposed and have since dominated the scene of the fascinating field of decision-making. In 1944 – when von Neumann and Morgenstern showed that if preferences are consistent with a set of axioms then it is possible to represent these...

Persistent link: https://www.econbiz.de/10005408229

Utility based pricing of contingent claims

Gamba, A.; Pellizzari, P. - EconWPA - 1999

In a discrete setting, we develop a model for pricing a contingent claim. Since the presence of hedging opportunities influences the price of a contingent claim, first we introduce the optimal hedging strategy assuming a contingent claim has been issued: a strategy implemented by investing the...

Persistent link: https://www.econbiz.de/10005413221

A Theory of Vague Expected Utility

Manzini, Paola; Mariotti, Marco - EconWPA - 2003

We propose a new theory of choice between lotteries, which combines an 'economic’ view of decision making - based on a rational, though incomplete, ordering - with a 'psychological’ view - based on heuristics. This theory can explain observed violations of EU theory, namely all cyclical...

Persistent link: https://www.econbiz.de/10005118528

A language for the construction of preferences under uncertainty

LiCalzi, Marco - EconWPA - 2005

This paper studies a target-based procedure to rank lotteries that is normatively and observationally equivalent to the expected utility model. In view of this equivalence, the traditional utility-based language for decision making may be substituted with an alternative target-based language....

Persistent link: https://www.econbiz.de/10005118565

The Pearson system of utility functions

LiCalzi, Marco; Sorato, Annamaria - EconWPA - 2003

This paper describes a parametric family of utility functions for decision analysis. The parameterization is obtained by embedding the HARA class in a four-parameter representation for the risk aversion function. The resulting utility functions have only four shapes: concave, convex, S-shaped,...

Persistent link: https://www.econbiz.de/10005118574

Expected utility without utility

Castagnoli, Erio; LiCalzi, Marco - EconWPA - 2005

This paper advances an interpretation of Von Neumann–Morgenstern’s expected utility model for preferences over lotteries which does not require the notion of a cardinal utility over prizes and can be phrased entirely in the language of probability. According to it, the expected utility of a...

Persistent link: https://www.econbiz.de/10005118603

RECOVERABLE COST: THE BASIS OF A GENERAL THEORY OF FINANCIAL ACCOUNTING MEASUREMENT

salvary, stanley c. w. - EconWPA - 2005

This paper addresses a very profound question concerning financial accounting. Is financial accounting measurement. as represented by diverse valuation rules. hodgepodge or is it logically developed? Salvary [1985. p.28. Chap. IV] advances and provides a theoretical development of the concept of...

Persistent link: https://www.econbiz.de/10005408116

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