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We focus on two particular aspects of model risk: the inability of a chosen model to fit observed market prices at a given point in time (calibration error) and the model risk due to the recalibration of model parameters (in contradiction to the model assumptions). In this context, we use...
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For nearly a century, most persons who have studied or written about property have conceived of it as a bundle of rights or, colloquially, as a bundle of sticks. In the mid 1990s, several philosophically minded academic lawyers questioned whether property should be thought of as a bundle at all....
Persistent link: https://www.econbiz.de/10014174933
In this paper we have presented arguments for heuristics on economics research. In particular, have been important aspects that show how the tradition of the theory, to make principle simplicity to represent many empirical data of experience or information, was one of the goals set by the...
Persistent link: https://www.econbiz.de/10014175170
Nuclear meltdown in Japan and civil society strife across the Middle East highlight the degree to which resilience is core to international peace and security. This article considers the means by which communities can become increasingly resilient through shared best practices across a range of...
Persistent link: https://www.econbiz.de/10014175504
Nowadays, Sudan suffers severe financial crisis with the demise of 75% of its oil revenues that represented over 90% of its foreign currency after the secession of its Southern part after a constitutional referendum. The compensatory revenues generating economic sectors are not able in the...
Persistent link: https://www.econbiz.de/10014176927
One’s ideological views – that is, the pattern of positions one tends to take on important public-policy issues – run deep and change little. Inevitably they involve commitments and judgments about the most important things. Just as we value disclosure of vested interests, we value...
Persistent link: https://www.econbiz.de/10014177044
The piece begins with the proposition that the economic perspective on human activity must reflect the fact that human beings transact in a world defined for the actors by social norms. An analysis of the crisis of 2008 is offered as a demonstration of the value of adopting such a broader...
Persistent link: https://www.econbiz.de/10014179146