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We scrutinize the conceptual framework commonly used in the incomplete contract literature. This literature usually assumes that contractual incompleteness is due to the transaction costs of describing - or of even foreseeing - the possible states of nature in advance. We argue, however, that...
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The Kelly Capital Growth Investment Strategy (KCGIS) is to maximize the expected utility of nal wealth with a logarithmic utility function. This approach dates to Bernoulli's 1738 suggestion of log as the utility function arguing that marginal utility was proportional to the reciprocal of...
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Myrdal -- 3. Planning and planning theory: the difficult legacy of Ragnar Frisch -- 4. Basic requirements for the Programming … neglected economists like Gunnar Myrdal, Ragnar Frisch, Vassili Leontief, and Leif Johansen, using their theory to overturn the …
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, unresolved debate of the ‘decision theory’ -- 3. The programming approach as collective decision-and-action centered analysis … (and the ‘planning theory’ movement) -- 4. The programming approach and the mainstream economic ‘general theory’ -- 5. The … ‘programming approach’and the Management Sciences -- 6. The programming approach, the ‘theory of reflexivity’, the crisis of …
Persistent link: https://www.econbiz.de/10012399019
We study the problem of determining memberships to the groups in a Boolean algebra. The Boolean algebra is composed of basic groups (e.g., “J” and “K”) and the other groups that are derived from basic groups through the conjunction, disjunction, or negation operations (e.g., “J and...
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