This paper elaborates on the criteria derived from economic analysis to fix when the post-socialist economic transition will end up. The fifth European Union enlargement is more a symbol than such a criterion, since the new member states will wait during a second transition period until enjoying...

This paper provides a numerical analysis of an intertemporal equilibrium model of a small open, barter economy that is subject to random shocks affecting endowments, the terms of trade, and the real interest rate. Equilibrium stochastic processes for macroeconomic aggregates are computed and...

The main characteristic of the transition from a planned to a market economy in Russia has been the barter economy. Firms are using non-monetary transactions as a result of the scarcity of the means of payment and as a means to avoid taxes and reduce fiscal obligations. The barter economy is a...

This paper presents a class of examples where a barter economy develops through agents' optimizing decisions into a monetary economy. A barter economy with m commodities is characterized by m(m-1)/2 commodity pair trading posts for active trade of each good for every other. Monetary equilibrium...

This paper presents an original description and a semi-formal definition of the concept of a value proposition, which has been so far used in service science rather intuitively. Our approach is based on utility functions and conceptual modelling techniques. The proposed semi-formalization can be...

Luenberger [8] introduced the so-called benefit function that converts preferences into a numerical function that has some cardinal meaning. This measure has a number of remarkable properties and is a powerful tool in analyzing welfare issues ([10], [12], [13], [14]). This paper studies the...

A method of small-area estimation with a utility function is developed. The utility characterises a policy planned to be implemented in each area, based on the area's estimate of a key quantity. It is shown by simulations that the commonly applied composite and empirical Bayes estimators are...

This paper analyzes how the indeterminacy of competitive equilibrium in one-sector growth models depends on the magnitude of the households' income effect on the demand for leisure. The paper first establishes that the presence of income effect is necessary for the existence of an indeterminate...

This note concerns Markov decision processes on a discrete state space. It is supposed that the reward function is nonnegative, and that the decision maker has a nonnull constant risk-sensitivity, which leads to grade random rewards via the expectation of an exponential utility function. The...

The paper contrasts early theories of the utility function (starting with Bentham and elaborated by Jevons) with the modern theory (laid down by Fisher and Samuelson).  The former include in the utility function not only the sensation of current events but also the memory of past events and the...