The problems of non-concave utility maximization appear in many areas of finance and economics, such as in behavior economics, incentive schemes, aspiration utility, and goal-reaching problems. Existing literature solves these problems using the concavification principle. We provide a framework...

This paper provides an accounting analysis of the implications for labour of restructuring for shareholder value. It presentsargument and evidence from the UK which suggests that activity-specific limits on cost recovery constrain returns on capital. These constraints encourage restructuring...