This paper is dedicated to the empirical exploration of the welfare effect of expectations and progress per se. Using ten waves of the Russian Longitudinal Monitoring Survey, a panel household survey rich in subjective variables, the analysis suggests that for a given total stock of...

This research paper explores the role of small- and medium-sized entreprises in the economy of different countries, with a particular focus on Azerbaijan. The purpose of the research is to support and intensify the development of small- and medium-sized businesses in the country by determining...

This paper aims to reveal the relationship between rate of time preferences (RTP) and healthy lifestyles of Russians. This rate shows individual preferences for the distribution of consumption over time. We examine such healthy and unhealthy behavior as smoking, drinking alcohol, doing physical...

An intriguing problem in stochastic growth theory is as follows: even when the return on investment is arbitrarily high near zero and discounting is arbitrarily mild, long run capital and consumption may be arbitrarily close to zero with probability one. In a convex one-sector model of optimal...

The standard approach to modelling consumption/saving problems is to assume that the decisionmaker is solving a dynamic stochastic optimization problem However under realistic descriptions of utility and uncertainty the optimal consumption/saving decision is so difficult that only recently...