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This paper shows results of comparison of the original theoretical conception of modeling human decisions under risk with two well known models. In the paper the demand function for insurance is constructed for the model of maximization of the probability of agent’s (economical) survival. This...
Persistent link: https://www.econbiz.de/10005673618
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 St Petersburg paradox could be used as an extreme demonstration of the utility function cardinalisation in case of stochastic utility. In this article we reassume the von Neumann and Mongernstern explanation to this paradox based on the risk aversion expressed by the strict concavity of the...
Persistent link: https://www.econbiz.de/10005036631
The theory 'corporate social responsibility' (CSR) is characterized in the paper. The paper expresses the authors' opinion, that CSR as a mere proclamation of necessity of the firms' ethic behavior does not enforce this into praxis. The internal economic motivation to CSR it is the necessary...
Persistent link: https://www.econbiz.de/10010322153
Persistent link: https://www.econbiz.de/10003624096
Persistent link: https://www.econbiz.de/10001966879
The article analyzes the factors leading to the fall of forward interest rates in the Czech Republic between 1999 and 2003. A key point in this regard is the existence of a term and a regime-shift premium associated with the country’s anticipated entry into the eurozone. The paper suggests...
Persistent link: https://www.econbiz.de/10008549915
The theory "corporate social responsibility" (CSR) is characterized in the paper. The paper expresses the authors´ opinion, that CSR as a mere proclamation of necessity of the firms´ ethic behavior does not enforce this into praxis. The internal economic motivation to CSR is the necessary...
Persistent link: https://www.econbiz.de/10008752941
We present a model of learning in which agents learn from errors. If an action turns out to be an error, the agent … an acceptable solution is asymptotically reached. Moreover, one can take advantage of big errors for a faster learning. …
Persistent link: https://www.econbiz.de/10005572182
Learning process is a new approach of filling the gap between adaptive expectations and rational expectations. Private … agents are learning new information and adjust their expectation about the inflation and output gap. Central bank … transparency is one of the key factors of learning by private agents. However the learning process is also very important aspect …
Persistent link: https://www.econbiz.de/10008564640