In a choice model of risky assets the role of risk aversion is analyzed. The measure of risk preference comes from a direct subjective survey question and it is considered as an imperfect information about the true risk attitude of investors. Misclassification between the true and the observed...

It has been the author's privilege in recent years to personally visit with a number of nationally recognized retirement industry gurus. Generally speaking, these discussions have tended to identify two obstacles as blocking the implementation of any corporate strategy designed to retire workers...

Before the February 20th, 2008 LaRue decision by the United States Supreme Court, employee benefit plan participants who sued plan fiduciaries for investment losses faced near insurmountable legal hurdles. In LaRue the Court removed most of these hurdles, and may have opened floodgates releasing...

In the emerging field of behavioral finance, including human behavior aspects and implications of cognitive phsychology and anthropology in decisions are considered. The formulated hypotheses were tested by way of 400 questionairres answered by students enrolled in MBA programs. The principal...

According to the Random House Unabridged Dictionary, the slang phrase monkey on my back refers to a burdensome personal problem, situation, responsibility, or encumbrance. Query: is there a better verbal description of the impact that the dramatic sea-change in Corporate America's retirement...

The objectives of the paper are to show how the sustainability of urban settlements can be improved by treating as a variable the design of: (a) property rights to realty, corporations and currencies and: (b) their communication and control governance architecture. System science provides the...

The budgets of a growing number of older Americans are stressed by mounting debt loads as elders struggle to pay for necessities such as groceries, prescription drugs, and urgent home repairs. Debts levels of the elderly have taken a sharp turn for the worse since the early 1990s. Older persons...

This paper examines relative tax burden of transition economies from a microeconomic perspective. It employs data from the Tax Misery Index and the Index of Economic Freedom to compare the tax burden of transition economies to that of more developed market economies. It then creates a hybrid...

Using data from the German Socio-Economic Panel Study (GSOEP), it is shown that income comparison with persons who are better off has a clear impact on the job satisfaction of West German full-time employees. Two contrary effects can be identified. On the one hand, there is an aversion to...

On occasions, by running arrears, governments have unilaterally borrowed from domestic agents. These agents ended up with implicit claims on the government for which they had no title and that would be honored, at best, on an unspecified future date and for an uncertain value. Having untitled...