The St Petersburg paradox could be used as an extreme demonstration of the utility function cardinalisation in case of stochastic utility. In this article we reassume the von Neumann and Mongernstern explanation to this paradox based on the risk aversion expressed by the strict concavity of the...

This article, based on an empirical analysis, discusses factors affecting property prices and tries to identify periods of property price overvaluation in the Czech Republic. To achieve this, the article uses both relatively simple approach using ratios related to the house prices (e.g....

This paper presents the results of a comparison of an original theoretical concept 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 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...

The theory "corporate social responsibility" (CSR) is characterized in the paper. The paper expresses the authors´ opinion, that CSR as a mere proclamation of necessity of the firms´ ethic behavior does not enforce this into praxis. The internal economic motivation to CSR is the necessary...

The theory 'corporate social responsibility' (CSR) is characterized in the paper. The paper expresses the authors' opinion, that CSR as a mere proclamation of necessity of the firms' ethic behavior does not enforce this into praxis. The internal economic motivation to CSR it is the necessary...

Three original microeconomic models of an externality market are described: (1) model of the marketable permits for exhalations emission, (2) model of optimal financial satisfaction of a damage caused by a negative externality in the economy with agents maximizing probability of their survival...

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...