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Gains and losses. The same or different choices?

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Author Info
Alexander Harin (Modern Humanitarian Academy)

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Abstract

Arrangements (agreements, contracts, projects, etc.) are widespread economic events and are the fundamental concept of the economic theory. Infringements (breaches, modifications, changes, etc.) of arrangements are common and have a significant importance for the economic theory. For many years now the arrangement infringements have lacked appropriate attention in the economic theory. This fact caused a number of theoretical and practical problems. In order to solve them a new approach is proposed, which considers the possibility of arrangement infringements. The approach application in relation to choosing between risky and guaranteed outcomes is discussed. The article demonstrates the approach able to give the same results for both gains and losses. The concept of the space of “Anything can happen” is introduced. The article gives examples of practical application of the approach in relation to bank deposits, investments, business projects and international activities such as Millennium Dome-like projects and Olympiad-like projects.

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File URL: http://129.3.20.41/eps/if/papers/0508/0508004.pdf
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Publisher Info
Paper provided by EconWPA in its series International Finance with number 0508004.

Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Length: 8 pages
Date of creation: 10 Aug 2005
Date of revision:
Handle: RePEc:wpa:wuwpif:0508004

Note: Type of Document - pdf; pages: 8
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Web page: http://129.3.20.41

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Related research
Keywords: risk choice investments banking industry market development

Find related papers by JEL classification:
C - Mathematical and Quantitative Methods
D - Microeconomics
E - Macroeconomics and Monetary Economics
F - International Economics
G - Financial Economics
O - Economic Development, Technological Change, and Growth

References listed on IDEAS
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  1. ALLARD, Marie & BRONSARD, Camille & GOURIÉROUX Christian, 2003. "Aversion Analysis," Cahiers de recherche 2003-06, Universite de Montreal, Departement de sciences economiques. [Downloadable!]
    Other versions:
    • ALLARD, Marie & BRONSARD, Camille & GOURIÉROUX, Christian, 2003. "Aversion Analysis," Cahiers de recherche 04-2003, Centre interuniversitaire de recherche en économie quantitative, CIREQ. [Downloadable!]
  2. Alexander Harin, 2005. "A new approach to solve old problems," Game Theory and Information 0505005, EconWPA. [Downloadable!]
  3. Tversky, Amos & Wakker, Peter, 1995. "Risk Attitudes and Decision Weights," Econometrica, Econometric Society, vol. 63(6), pages 1255-80, November. [Downloadable!] (restricted)
  4. John Quiggin, 2005. "The precautionary principle in environmental policy and the theory of choice under uncertainty," Murray-Darling Program Working Papers WPM05_3, Risk and Sustainable Management Group, University of Queensland. [Downloadable!]
  5. Carmela Di Mauro & Anna Maffioletti, 2004. "Attitudes to risk and attitudes to uncertainty: experimental evidence," Applied Economics, Taylor and Francis Journals, vol. 36(4), pages 357-372, March. [Downloadable!] (restricted)
  6. Massimo Egidi, 2005. "From Bounded Rationality to Behavioral Economics," Experimental 0507002, EconWPA. [Downloadable!]
  7. William N. Goetzmann & Roger Ibbotson, 2005. "History and the Equity Risk Premium," Yale School of Management Working Papers ysm448, Yale School of Management. [Downloadable!]
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