Government aid offered to Wales, and largely spent on attracting foreign direct investment, has yet to provide tangible benefits in terms of relative economic prosperity and sustained job creation. The present policy focus is therefore now concerned with creating innovative solutions led by...

A project funded by the Institute for the Study of Business Markets to develop an understanding of the current state of business-to-business marketing and a research agenda for the field identified a lack of understanding of how the marketing function can or should best contribute to firms’...

Government procurement policy in the UK is an uneasy mixture of different policy legacies, where the dominant objectives of cost-efficiency and value for money compete with alternatives which emphasise public procurement as central to innovation policy and/or a critical demand-side instrument in...

We show that the mutual fund theorems of Merton [1971. Journal of Economic Theory 3, 373-413] extend to the problem of optimal investment to minimize the probability of lifetime ruin. We obtain two such theorems by considering a financial market both with and without a riskless asset for random...

In this paper, we explicitly solve the problem of maximizing utility of consumption (until the minimum of bankruptcy and the time of death) with a constraint on the probability of lifetime ruin, which can be interpreted as a risk measure on the whole path of the wealth process.