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Questo articolo indaga sulla reale portata dell'analisi di Marx, basata in maniera fondamentale sulla propria teoria del valore e del plusvalore. L'idea innovativa dell'articolo consiste nel mostrare come sia possibile capire realmente l'analisi della teoria del valore di Marx, partendo da Marx...
Persistent link: https://www.econbiz.de/10005076659
This paper forms part of a research project investigating conceptions of the relationship between micro-level self-seeking agent behaviour and the desirability or otherwise of the resulting macro-level social outcomes in the history of economics. I identify two kinds of conservative rhetorical...
Persistent link: https://www.econbiz.de/10005076660
Previous papers on time-inconsistent procrastination assume projects are completed once begun. We develop a model in which a person chooses whether and when to complete each stage of a long-term project. In addition to procrastination in starting a project, a naive person might undertake costly...
Persistent link: https://www.econbiz.de/10005076661
Within the expected-utility framework, the only explanation for risk aversion is that the utility function for wealth is concave: A person has lower marginal utility for additional wealth when she is wealthy than when she is poor. This paper provides a theorem showing that expected-utility...
Persistent link: https://www.econbiz.de/10005076662
In this paper, we generalize the parametric Delta-VaR method from portfolios with normally distributed risk factors to portfolios with elliptically distributed ones. We treat both expected shortfall and the Value-at-Risk of such portfolios. Special attention is given to the particular case of a...
Persistent link: https://www.econbiz.de/10005076663
This paper looks at markets characterized by the fact that the demand side is insured. In these markets a consumer purchases a good to compensate consequences of unfavorable events, such as an accident or an illness. Insurance policies in most lines of insurance base indemnity on the insured’s...
Persistent link: https://www.econbiz.de/10005076664
Many observers have expressed concerns about the impact of a rise in interest rates upon banks in India. In this paper, we measure the interest rate risk of a sample of major banks in India, using two methodologies. The first consists of estimating the impact upon equity capital of certain...
Persistent link: https://www.econbiz.de/10005076665
We consider optimization problems involving convex risk functions. By employing techniques of convex analysis and optimization theory in vector spaces of measurable functions we develop new representation theorems for risk models, and optimality and duality theory for problems involving risk...
Persistent link: https://www.econbiz.de/10005076666
This paper develops an unified framework for analyzing the influence of both direct and indirect instruments of monetary control on the money supply process. The resulting formal model is then applied in the empirical evaluation of the effectiveness of credit ceilings in limiting the growth of...
Persistent link: https://www.econbiz.de/10005076667
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Persistent link: https://www.econbiz.de/10005076668