Catastrophic risk is currently a hotly debated topic. This paper contributes to this debate by showing two results. First it shown that the value function in dynamic optimization can have an infinite derivative at some point even if the model specification has functional forms that are finite...

We consider nonparametric identification and estimation of pricing kernels, or equivalently of marginal utility functions up to scale, in consumption based asset pricing Euler equations. Ours is the first paper to prove nonparametric identification of Euler equations under low level conditions...

This article addresses the origins of the term “neoclassical” economics, and the subsequent use of the term. It is argued that the present use of the term “neoclassical” economics is different from its original meaning when it was first introduced by Thorstein Veblen, who used it to...

The scientific methodology of classical physics has been a constant influence in the development of orthodox economics. Clear signs of this can be found in the works of many classical economists such as Smith, Say, Cairnes and Mill. The physics influence became more apparent with the emergence...

В статье в полемической форме обосновывается идея синтеза одностороннего марксизма и одностороннего маржинализма в новой более универсальной теории, которую...

В статье дан критический анализ статей Н.А. Шапиро и А.В. Орлова, опубликованных в № 2(2013) и ставших предметом дискуссии на философско-экономическом семинаре....

Проанализированы основные идеи М. Туган-Барановского и Е.Слуцкого в контексте распространения маржиналистских идей в Украине. Выявлено решающее влияние...

Проведен анализ основных положений современного учебного курса микроэкономики с точки зрения возможности их практического использования в процессе...

The article conducts analysis of main provisions of the modern training course of micro-economics from the point of view of a possibility of their practical use in the process of economic activity. It shows scholasticity of marginalistic methods of identification of a rational customer choice...

Two perspectives on the price system are examined, as a method of valuation represented by Walrasian equilibrium and as a means of appropriation represented by “perfectly competitive equilibrium.” The stronger requirements of perfectly competitive equilibrium emphasize that valuation is...

Вопрос о кризисе экономической теории то возникает, то затухает в зависимости от устойчивости рыночно-капиталистической системы. Экономический рост во второй...

We reformulate neoclassical consumer choice by focusing on γ, the marginal utility of money. As the opportunity cost of current expenditure, γ is approximated by the slope of the indirect utility function of the continuation. We argue that γ can largely supplant the role of an arbitrary...

It is a common finding in empirical discrete choice studies that the estimated mean relative values of the coefficients (i.e. WTP's) from multinomial logit (MNL) estimations differ from those calculated using mixed logit estimations, where the mixed logit has the better statistical fit. However,...

This is an analysis of the personality of prof. Epicarmo Corbino (1890-1984), centered on his cultural identity, his vision of economic policy, his way of interpreting the relationship between theory and history and his important activity of politician and statesman. The portrait that emerges is...

We survey axiomatic results concerning the Shapley value (Shapley (1953)). This marginalist allocation rule results from an axiomatic study of the class of coalitional games. Shapley (1953) specifies a list of desirable properties of solutions for this class of games, and he shows that the...

The wide use of full-cost pricing techniques remains an explanandum in both economics and management accounting theory. This work surveys and develops possible theoretical explanations of this industrial pricing behaviour and analyses some of its implications. By recognition of the widespread...

"This book examines how the Cambridge School economists, such as J. M. Keynes, constructed revolutionary theories and advocated drastic policies based on their ideals for social organizations and their personal characteristics. Although vast numbers of studies on Marshall, Keynes and...

It is well-known that the discount rate is crucially important for estimating the social cost of carbon, a standard indicator for the seriousness of climate change and desirable level of climate policy. The Ramsey equation for the discount rate has three components: the pure rate of time...

It is well-known that the discount rate is crucially important for estimating the social cost of carbon, a standard indicator for the seriousness of climate change and desirable level of climate policy. The Ramsey equation for the discount rate has three components: the pure rate of time...

It is well-known that the discount rate is crucially important for estimating the social cost of carbon, a standard indicator for the seriousness of climate change and desirable level of climate policy. The Ramsey equation for the discount rate has three components: the pure rate of time...

"Leisure activities such as local recreation trips usually take place in discrete blocks of time that are surrounded by time devoted to other commitments. It can be costly to transfer time between blocks to allow for longer outings. These observations affect the value of time within those blocks...

The Article presents a brief survey of economic history, by emphasizing the earlier history of neo-classical economic theory and the economic theory of marginal utility. The Articles does so for exploring the relation of game theory or the strategic game to developments in the field or science...