In this paper, I examine an inter-temporal exchange economy with a complete financial market. The economy is populated by two heterogeneous investors who differ from each other in their attitudes towards risk. In such a model, a single representative agent can be created who generates the same...

In this paper, we examine an exchange economy with a financial market composed of three assets: a share of a stock, an European call option written on the stock, and a riskless bond. The financial market is assumed to be incomplete and the option is not a redundant asset. In such a case the...

Purpose: Connectivism has been proposed to explain the impact of new technologies on learning. According to this approach, learning may occur even outside the individual within an organization or a system. Learning objectives are not defined in advance and learning requires the ability to form...