The utility of an investor should be based on an acceptable loss in the loss region and a target return in the gain region of a set of investment opportunities. The level of these benchmarks will unveil an opportunity cost, break-even effect, or indifference when the return of an investment...

This paper considers the optimal investment problem for an insurer that invests in cointegrated assets subject to the random payments of insurance claims. The insurer’s objective is to maximize the expected utility of the terminal wealth subject to the cointegration dynamics of risky assets...

The paper shows that some frequently used measures of the degree of publicness of publicly provided goods and club goods are seriously affected by metrization problems. The paper proposes measures that do not depend on arbitrary metrization conventions, and discusses the relationship of these...