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Aristotle, Smith and Genovesi. In the third part I outline present key challenge for the economic theory - tackling with the …
Persistent link: https://www.econbiz.de/10010322158
Aristotle, Smith and Genovesi. In the third part I outline present key challenge for the economic theory - tackling with the …
Persistent link: https://www.econbiz.de/10005258287
the basics of expected utility theory, the key pieces of evidence are described which showed that under certain … circumstances, this theory is not descriptively valid. The most promising alternative, cumulative prospect theory, is then presented … prospect theory either, so that a model which would explain all evidence on decisions under risk is still to be found. …
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This paper pits expected utility theory and cumulative prospect theory against each other as regards their descriptive … utility theory is not descriptively valid. The most promising alternative, cumulative prospect theory, is then presented in … evidence. It is pointed out that there are other empirical observations which cannot be explained by cumulative prospect theory …
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economic policy, because the competition ensures the freedom of choice. The theory of competition provides large number of …
Persistent link: https://www.econbiz.de/10005036608
The core aim of this paper is to suggest comprehensive definition of the information economy and delineate the range of economic problems it deals with, paying particular attention to its connections to the economics of information. The text, in the extent provided, can not investigate...
Persistent link: https://www.econbiz.de/10005036629
The paper deals with equilibrium real price of a fixed asset in a growing economy. The supply of this kind of assets is by assumption fixed. Land or unique works of art are probably their closest empirical counterparts. Economic growth is manifested by a systematic increase in the real price of...
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