Mit steigender Inflationsrate mußten sich die Löhne erheblichen Veränderungen unterwerfen. Der Anteil der Indexlöhne stieg erheblich an, und die Intervalle der nominalen Lohnerhöhungen verkürzten sich erheblich. Diese Maßnahmen sollten eine Lohnerosion verhindern, führten aber...

This paper examines the causes of the large buildup of enterprise arrears in Russia during 1992, and evaluates policy options to deal with them. Noting the experience of Eastern European countries, the paper emphasizes that the settlement of arrears through wholesale extension of credit would...

The paper develops and illustrates the application of criteria for ranking risky investment alternatives that are based on their certainly equivalent (cE) outcomes and determines expressions for approximating the cE outcomes by means of the central moments of their distribution. The paper...

The purpose of this paper is to develop criteria for comparing and ranking uncertain prospects when we have some information on the extent to which agents are risk-averse. The basis for these comparisons is the value of the certainty equivalent outcome of the corresponding uncertain prospects....