Let X be a set of states, and let I be an infinite indexing set. Our first main result states that any separable, permutation-invariant preference order () on X^I admits an additive representation. That is: there exists a linearly ordered abelian group A and a `utility function' u:X--A such...

In the actual train of events, it would be a utopia for the economical agent to avoid the incertitude. It had been argued that the dimension of this phenomenon knows two extremes: once it is a generator of anxiety but then also a strong motivator regarding the knowledge, innovation and...

To analyze the optimal social insurance package, we set up a two-period life-cycle model with risky human capital investment in which the government has access to labor taxation, education subsidies and capital taxation. Social insurance is provided by redistributive labor taxation. Moreover,...

In the present world having connections across borders becomes a competitive advantage. The easy access to a constant stream of information is making the opportunities countless, adding to the equation that the Internet and supplementary techniques such as different types of software are still...

Profitability is the fundamental issue of the entire economy and of each individual economic operator. Profitability expresses the efficiency of economic activity, but it is also the driving factor of economic growth. Profitability can be measured by means of profit and net income in absolute...