The aim of this paper is to clarify the concept of alternative trading systems (ATS) and to present an interpretation of their role in the securities markets. The discussion focuses on trading venues related to debt instruments and equities. Geographically, the American and European markets are...

In general, Sub-Saharan Africa has produced a notable absence of leadership. Authoritarian political traditions, lack of national identity, underdeveloped middle classes, and widespread economic distress are among the sweeping, impersonal forces cited as factors that produce poor leader after...

We instillate rational cognition and learning in "seemingly riskless" choices and judgments. Preferences and possibilities are given in a stochastic sense and based on revisable expectations. The theory predicts experimental preference reversals and passes a sharp econometric test of the status...

The aim of this short note is to investigate the impact of duplicates in a life insurance portfolio by means of the supermodular order. Most classical results involving the variances are generalized using the stop-less order.

The endogeneity of preferences implies that not only individual preferences -along with technologies, government policies, and the organization of society and markets- determine economic outcomes, but also that the economic, social, legal, and cultural structure of society affects preferences....