Recognizing that human rationality has bounds that are unequal across individuals entails treating it as a special scarce resource, tied to individuals and used for deciding on its own uses. This causes a meta-mathematical difficulty to the axiomatic theories of human capital and resource...

This paper investigates the forecasting performance of three popular variants of the non-linear GARCH models, namely VS-GARCH, GJR-GARCH and Q-GARCH, with the symmetric GARCH(1,1) model as a benchmark. The application involves ten European stock price indexes. Forecasts produced by each...

The efficient-market hypothesis (EMH) is one of the most important economic and financial hypotheses that have been tested over the past century. Due to many abnormal phenomena and conflicting evidence, otherwise known as anomalies against EMH, some academics have questioned whether EMH is...

Self-influence and self-reference are among the largely omitted, but quite substantial properties of thought systems in social sciences. These can have significant impact on the ways we can test such thought systems (theories), their applicability and reliability. This paper defines the basic...

This paper is the first chapter of a book published by Sage Publications examining the principles considered in contesting theories of the field, and then the issues facing boards of directors in dealing with matters within the board, between boards and owners, between different types of owners,...

In order that an organized body of knowledge might be classified as science, its hypothetical law must be based on facts. Unlike any other social science, fallacies are the root of the technique of thinking in economics. By the lapse of time theses fallacies have been accepted as if they...

During the end of the past economic expansion, agents were over optimistic about the increasing path of asset prices and their corresponding low risk. This confidence based on an opaque real risk levels as well as on historically low interest rates, contributed to a rapid growth of credit...

Since 2005, the public has lived with high and volatile prices for basic energy and agricultural commodities. The public focus on this unprecedented commodity price volatility has been intense, because a large proportion of the cost of living borne by individuals and families in the U.S. (and...

The financial crisis has revealed fatal institutional and structural deficits at the finance market. Politics has reacted to the financial crisis with a sea of legal bills and regulations. But all regulating efforts are merely system-imminent reparation measures and do not solve the core...

Almost a century and half of evidence suggests that only individuals who start saving for retirement in the later stages of population busts and the early stages of population booms spend most of their retirement planning phase in bull stock markets with tame inflation, thus benefiting greatly...