The discussion of the institutional features of the accumulation regime of digital capitalism through the lens of regulation theory has been gaining prominence in academic discussion. However, a systematic investigation of the accompanying mode of regulation is lacking. Based on 50 interviews...

We develop the idea of using mean-variance preferences for the analysis of the first-price, all-pay auction. On the bidding side, we characterise the optimal strategy in symmetric all-pay auctions under mean-variance preferences for general distributions of valuations and any number of bidders....

We analyse the all-pay auction with incomplete information and variance-averse bidders. We characterise the symmetric equilibrium for general distributions of valuations and any number of bidders. Variance aversion is a sufficient assumption to predict that high-valuation bidders increase their...

The empirical performance of macroeconomic exchange rate models is more than disappointing. This dismal result is also reflected in the forecasting capabilities of professional analysts: all in all, analysts are not in a position to beat native random walk forecasts. The root for this deficient...

Suppose that a group of agents having divergent expectations can share risks efficiently. We examine how this group should behave collectively to manage these risks. We show that the beliefs of the representative agent is in general a function of the group.s wealth level, or equivalently, that...

Vaccinations against life-threatening diseases are one of the greatest public health achievements in history. Literally millions of deaths have been prevented, and manifold more saved from disfiguring illness. While vaccinations carry inevitable risks, the medical, social and economic benefits...

The empirical evidence that unemployment is one of the most negative outcomes in life, carrying non-pecuniary psychic costs as well as pecuniary ones, is strong. Yet, standard explanations of the demand for social protection have neglected these costs and their impact on the way in which workers...

If we consider corporate defense as representing an organization's program of self-defense, we are referring to the structures, measures, mechanisms and processes aimed at defending the interests of all of its stakeholders (including its people). Managing corporate defense is therefore an...

During and after economic crisis, there is a tendency to have less projects approved owing to loss aversion. The paper introduces a modification of the risk premium in order to take into account one behavioral aspect, that of loss aversion, which is not considered in the traditional method. Loss...