Let α denote risk preference parameters, such that α→0 (respectively, α→Z0) implies tatonnement towards risk seeking preferences (respectively, risk aversion). Suppose either of two agents, i and j enter into a market with risk preference parameters, α₀(i)=0.1 or α₀(j)=Z-0.1. With T...

Using data for three publicly quoted firms, all of whom operate within the upstream oil industry, this study provides evidence for feasibility of incidence of contradictions (`contradictions of ranking') between a ranking of fundamental valuations, and corresponding ranking of market valuations....

This study unambiguously demonstrates that, absent independent establishment of boundary rationality conditions for stock prices, behavioral axioms, such as overconfidence, overreaction, underreaction, and attribution bias cannot be robustly applied to rationalization of market phenomena that...

This study provides formal theoretical evidence that value maximization is a rational behavioral, as opposed to rational expectations valuation rubric. Rational behavioral character of the value maximization rubric is evident in the axiomatic finding that, absent arrival of any unanticipated...

Suppose populations of economic agents that are parameterized by skewness preference. For stated agents, increasing marginal utility for wealth necessarily is facilitated by a risk premium function that only robustly is parameterized with reference to `relative safety', as opposed to `relative...

Absent the introduction of either of `social conventions', or `negotiations over socially acceptable behaviors', this study arrives at a formal theoretical general equilibrium parameterization of morality. Suppose all socioeconomic agents are boundedly rational and seek to act rationally. Under...