The aim of the paper is to set the agency problem into a broad context of New Institutional Economics with an emphasis on historical connections. In the first section, I explain the historical evolution of basic theoretical concepts like the theory of firm, the theory of market process and the...

This paper analyses problems within the asymmetric information models (principal agent models) where we replace standard assumption of maximisation of expected income by maximisation of probability of economic survival. This paper concentrates on two basic models- adverse selection model and...

This paper shows results of comparison of the original theoretical conception of modeling human decisions under risk with two well known models. In the paper the demand function for insurance is constructed for the model of maximization of the probability of agent’s (economical) survival. This...

Business processes take place in an environment of complex systems that consist of many interrelated elements with stochastic and dynamic characteristics. Simulation and management methods were developed to cope with such complexity. Simulation and management methods are interdependent...

The article deals with a numerical comparison of impacts of financial crises on the stock market over the last one hundred years. The goal of the analysis is to investigate, according to certain criteria, whether the current crisis on the stock market is more serious than the previous ones.