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Nitzan, Jonathan; Bichler, Shimshon - Volkswirtschaftliche Fakultät, … - 2006

Over the past century, the institution of capital and the process of its accumulation have been fundamentally transformed. By contrast, the theories that explain this institution and process have remained largely unchanged. The purpose of this paper is to address this mismatch. Using a broad...

Persistent link: https://www.econbiz.de/10005621372

Gossens Theorie der Zeitallokation im Lichte neuerer Theorien

Dohrn, Daniel - Volkswirtschaftliche Fakultät, … - 2000

Gossen´s theory of time allocation is compared to Gary Becker´s theory. It is shown in how far Gossen can be regarded as a forerunner of the household commodity approach.

Persistent link: https://www.econbiz.de/10005835693

Economic system dynamics

McCauley, Joseph L.; Küffner, Cornelia M. - Volkswirtschaftliche Fakultät, … - 2004

We provide the reader with a qualitative summary of the main ideas from econophysics and finance theory, starting with a thorough criticism of the standard ideas taught in typical economics textbooks. The emphasis is on the Galilean or physicists' approach to market synamics, as opposed to the...

Persistent link: https://www.econbiz.de/10005835847

Solution of the Ellsberg paradox by means of the principle of uncertain future

Harin, Alexander - Volkswirtschaftliche Fakultät, … - 2008

The principle of uncertain future: the probability of a future event contains an (hidden) uncertainty. The first consequence of the principle: the real values of high probabilities are lower than the preliminarily determined ones; conversely, the real values of low probabilities can be higher...

Persistent link: https://www.econbiz.de/10005835901

Measuring the Utility Cost of Temporary Employment Contracts before Adaptation: A Conjoint Analysis Approach

Pouliakas, Konstantinos; Theodossiou, Ioannis - Volkswirtschaftliche Fakultät, … - 2008

This study attempts to estimate the ‘utility cost’ of temporary employment contracts purged of the psychological …

Persistent link: https://www.econbiz.de/10005835973

Scientific Revolution? A Farewell to EconWPA. MPRA is welcome.

Harin, Alexander - Volkswirtschaftliche Fakultät, … - 2006

A new approach is presented. It is based on a generalization of a breach of a term of contract and on the economic uncertainty principle. Problems, which can be solved, research fields, which can be augmented or created, and fields of applications in practical economy are reviewed. The role of...

Persistent link: https://www.econbiz.de/10005836335

Thermodynamic analogies in economics and finance: instability of markets

McCauley, Joseph l. - Volkswirtschaftliche Fakultät, … - 2004

Interest in thermodynamic analogies in economics is older than the idea of von Neumann to look for market entropy in liquidity, advice that was not taken in any thermodynamic analogy presented so far in the literature. In this paper we go further and use a standard strategy from trading theory...

Persistent link: https://www.econbiz.de/10005836640

The Futility of Utility: how market dynamics marginalize Adam Smith

McCauley, Joseph L. - Volkswirtschaftliche Fakultät, … - 1999

General Equilibrium Theory in econometrics is based on the vague notion of utility. Prices, dynamics, and market … equilibria are supposed to be derived from utility. Utility is sometimes treated like a potential, other times like a Lagrangian … gradient of utility in equilibrium, but I observe instead that price as the gradient of utility is an integrability condition …

Persistent link: https://www.econbiz.de/10005837138

Value and utility in a historical perspective

Pogany, Peter - Volkswirtschaftliche Fakultät, … - 2012

Since value and utility are the highest profile abstractions that underlie an epoch’s intellectual climate and ethical …-essentialization of value and substantialization of utility. But now the two concepts face a thorough transvaluation as the world …. Such extrapolations form the context in which the fourth historical phase of value and utility is hypothesized, leading to …

Persistent link: https://www.econbiz.de/10011258850

“Luce problem” and discontinuity of Prelec’s function at p = 1

Harin, Alexander - Volkswirtschaftliche Fakultät, … - 2015

This short paper is devoted to two items: 1) An analysis of Prelec’s weighting function at the probability p = 1 is highlighted (this analysis was performed by R. Duncan Luce in two articles with Ragnar Steingrimsson and János Aczél and here is referred to as the “Luce problem”). 2) The...

Persistent link: https://www.econbiz.de/10011259321

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