The microeconomic foundation of the theory of money has long represented a puzzle to economic theory. Why is there Money? derives the foundations of monetary theory from advanced price theory in a mathematically precise family of trading post models. It has long been recognized that the...

An understanding of risk and how to deal with it is an essential part of modern economics. Whether liability litigation for pharmaceutical firms or an individual's having insufficient wealth to retire, risk is something that can be recognized, quantified, analyzed, treated--and incorporated into...

Economics is increasingly adopting the methodological standards and procedures of the naturalsciences. The paper analyzes this ‘naturalistic turn’ from the philosophical perspective onnaturalism, and I discuss the implications for the field of finance. The theory of finance is aninteresting...