The RVT predicts equilibrium prices in a world where investors ignore variance and only care about cumulative returns. Such prices determine intrinsic returns that satisfy the CAPM equation. This paper shows that assets that pay a constant (or constantly increasing) dividend but face each year...

The Relative Value Theory predicts equilibrium prices in a world in which time value of money is unique, and investors are risk-indifferent and only care about maximizing cumulative returns. This paper shows that RVT’s equilibrium prices determine intrinsic expected returns that satisfy the...

This paper examines the concepts of trust and trustworthiness in the context of a one-sided variation of the prisoner's dilemma, and it evaluates four different categories of solutions to the PD problem: changing player preferences, enforcing explicit contracts, establishing implicit contracts,...

Theoretical Computer Science classically aimed to develop a mathematical understanding of capabilities and limits of traditional computing architecture (Boole, von Neuman, Turing, Church, Godel), investigating in computability, complexity theory and algorithmics. Now it seems more natural to...

We present the Progressive Second Price auction, a new decentralized mechanism for allocation of variable-size shares of a resource among multiple users. Unlike most mechanisms in the economics litterature, PSP is designed with a very small message space, making it suitable for real-time market...

We propose a quantum-like description of markets and economics. The approach has roots in the recently developed quantum game theory. Quantum Zeno paradoxes and noncomutative quantum mecanics are also discussed.