We study a two-player, zero-sum, stochastic game with incomplete information on one side in which the players are allowed to play more and more frequently. The informed player observes the realization of a Markov chain on which the payoffs depend, while the non-informed player only observes his...

This paper considers an optimal portfolio selection problem under Markowitz's mean-variance portfolio selection problem in a multi-period regime-switching model. We assume that there are n + 1 securities in the market. Given an economic state which is modelled by a finite state Markov chain, the...

Stochastic orders and inequalities are very useful tools in various areas of economics and finance. The purpose of this paper is to describe main results obtained so far by using the idea of stochastic orders in financial optimization. Especially, the emphasis is placed on the demand and shift...

Stochastic orders and inequalities are very useful tools in various areas of economics and finance. The purpose of this paper is to describe main results obtained so far by using the idea of stochastic orders in financial optimization. Especially, the emphasis is placed on the demand and shift...

A new algorithm for selecting an effective investment project portfolio from a collection of projects developed by a company has been presented in this paper. The problem of selecting an investment project was formulated as multi-objective optimization problem. The algorithm is suited for...

Whilst there is a volume of literature mapping out the evolution, causes and implications of income inequality across countries, there is little in-depth evidence concerning the desire of populations for income equality. This paper tackles this gap by presenting UK evidence from a large-scale...

Using data from the Swedish Election Studies between 1985 and 1994 supplemented with time series on inflation and unemployment, I compare the impact of macro- and microeconomic variables on the individual vote. The principal finding is that microeconomic variables influence the vote almost as...

While social capital is becoming mainstreamed in social science, much remains to be done to better understand its' nature. This is especially true for "What motivates the investment in social capital, and what affects the level of social capital?" An earlier paper by Robison, Schmid and Siles (...

In this paper we reconsider Adam Smith’s ethics, what he means by self-interest and the role this plays in the famous “invisible hand.” Our efforts focus in part on the misreading of “the invisible hand” by certain economists with a view to legitimizing their neoclassical economic...

Self-interest has long been recognized as a powerful human motive. Yet, much remains to be understood about the thinking behind self-interested pursuits. Drawing from multiple literatures, we propose that situations high in opportunity for self-interested gain trigger a type of moral cognition...