NWW Concept (North & all, 2009) determines the necessary threshold conditions for the transition from Limited Access Orders (LAO) to Open Access Orders (OAO). In this article, I offer a sufficient criterion for such a transition. What are the conditions under which a rent-seeking behavior...

In the classical theory of capital assets valuation, based on the works of Garry Markowitz (Markowitz, 1952) and William Sharpe (Sharpe, 1964), there is no analytical framework for transition from the individual choice of the optimal portfolio to the general equilibrium of capital market. Thus,...

This article presents a dynamic equilibrium model of firm valuation under the risk of expropriation. It was determined that equilibrium weighted average value of capital of such firm should be increased by the probability of expropriation. There has proposed a model that determines the...