We investigate the uncertainty of forecasts of future mortality generated by a number of previously proposed stochastic mortality models. We specify fully the stochastic structure of the models to enable them to generate forecasts. Mortality fan charts are then used to compare and contrast the...

The paper investigates a model where two parties A and B invest sequentially in a joint project (an asset). Investments and the asset value are nonverifiable, and A is wealth constrained so that an initial outlay must be financed by either agent B or an external investor C (a bank). We show that...

Presently Russia is experiencing the complicated process of transforming the economic system of central planning into a socially oriented market economy. Of great importance for the success of this process is the institutional reshaping of the agricultural sector, particularly the privatisation...

The paper is devoted to the influence of market fundamentalism on the Russian agrarian policy in 1992 - 2006. On the basis of analysis of two stages of economic and agrarian policy is concluded that "mix" of market fundamentalism and some pragmatism has not allowed achieving sustainable growth...

Since the late 1980s, agriculture in Central and Eastern European Countries (CEECs) has been under considerable adjustment pressure due to changing political, economic and institutional environments. These changes have been linked to the transition process, as well as the ongoing integration...

In this paper we model the value of a firm based on its current earnings and cash balances. The value is modelled on the assumption that earnings follow a mean-reverting process. The effect of advertising on earnings is modelled, and the condition for optimal advertising derived. The value of...

Since 1994 the majority of Russian agricultural enterprises have been unprofitable, and have accumulated large liabilities. Their reorganization and liability restructuring is necessary. However, the differences in the financial standing of enterprises should be identified and taken into...