This paper discusses risky and uncertain decision-making in the framework of gambling. The well-known anomaly of favourite-longshot bias is considered. We argue that gambling behaviour can be seen as consumption. Thus, gambling behaviour is more than a risky choice. It is reasonable to assume...

Enterprises in post-socialist and transition economies often participate in providing infrastructure and social services to the surrounding community which in the Russian legal setting should be local authorities’ responsibility. We propose that this bundling of social and infrastructure goods...

Realized stock return volatility is modelled with a distribution based on the Laplace distribution. The moment properties of suggested volatility distribution, η(σ|λ), are derived. The properties of distribution correspond to the empirical regularities found in the finance literature....

The socio-economic impacts of microcredits on women's welfare were studied in northeastern South Africa using a qualitative semi-structured interviewing method. The study focuses particularly on the benefits, disadvantages and challenges obtained from The Small Enterprise Foundation (SEF)...

The national forest growth process and forest policy experienced in Finland in past 50 years are analyzed in terms of modern dynamic investment theory. Optimal forest investments and forest stock are derived in dynamic optimization framework. The private investments are subsidized by the...

The appropriateness of the Dickey-Fuller unit root test is studied using two alternative unit root test models. The segmented trend model is strongly supported and the second-order trend model is favoured for some series. The sample set consists of observations of nine basic macroeconomic time...

The small sample properties of the cointegrated labour demand models are studied with some Monte Carlo experiments. The results indicate that the Engle-Granger two-step estimation procedure gives biased OLS-estimates in small samples for the cointegrated vector and the error correction...

Using a spatial autoregressive model of cross-sectional and panel data, we study the determinants and dominant strategies of FDI inflows into Russia before and after the 1998 financial crisis. The important determinants of FDI inflows into Russian regions since transition began appear to be...