Maximizing the probability of bypassing an aspiration level, and taking increasing risks to recover previous losses are well-documented behavioral tendencies. They are compatible with individual utility functions that are S-shaped, as suggested in Prospect Theory (Kahneman and Tversky 1979). We...

Статья посвящена проблемам устойчивого развития молокоперерабатывающих предприятий, при условии, что поставщики сырого молока могут находиться в различных...

The set of equilibrium prices in linear exchange economies is by Mertens (1996) a convex polyhedral cone (after adding {0}). We give a constructive proof of this fact. From this, we derive a lower semi-continuity property of the equilibrium price correspondence. The set of equilibrium...

Several authors have indicated a contradiction between consistent aggregation of subjective beliefs and tastes, and a Pareto condition. We argue that the Pareto condition that implies the contradiction is not compelling. Society should not necessarily endorse a unanimous choice when it is based...

Recently, Caballi and Pomansky (1996) proposed a formal definition of mixed risk aversion and characterized stochastic dominance in presence of such utility functions. However they did not study comparative mixed risk aversion. In this note we give a sufficient condition for analytic comparative...

We modify the altruistic model by assuming that income, instead of the heir's utility, enters the altruist's utility function. We name this formulation "myopic" because, unlike in Barro's (1974) model, the altruist does not need to foresee into the indenite future to make his decisions. We...

A hierarchic price is a finite ordered family of price vectors {p1,...,pk}. It extends the notion of exchange values proposed by Gay (1978). These price notions were introduced in order to establish the existence of a competitive equilibrium without the strong survival assumption. It is well...

In this paper we propose a unifying approach to study optimal growth models with bounded or unbounded returns. We prove existence of optimal solutions. We prove also, without using contraction method, that the value function is the unique solution to the Bellman equation in some classes of...

We introduce a simple measure of risk aversion in the large. Besides satisfying properties which are conceptually analogous to the usual properties of the Arrow-Pratt measure, the index of risk aversion in the large leads to a stronger concept of decreasing risk aversion, which necessarily imp...