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Gains and losses. The same or different choices?

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  • 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://128.118.178.162/eps/if/papers/0508/0508004.pdf
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    Bibliographic Info

    Paper provided by EconWPA in its series International Finance with number 0508004.

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    Length: 8 pages
    Date of creation: 10 Aug 2005
    Date of revision:
    Handle: RePEc:wpa:wuwpif:0508004

    Note: Type of Document - pdf; pages: 8
    Contact details of provider:
    Web page: http://128.118.178.162

    Related research

    Keywords: risk; choice; investments; banking; industry; market; development;

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    References

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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.
      • ALLARD, Marie & BRONSARD, Camille & GOURIÉROUX, Christian, 2003. "Aversion Analysis," Cahiers de recherche 04-2003, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
    2. Alexander Harin, 2005. "A new approach to solve old problems," Game Theory and Information 0505005, EconWPA.
    3. Tversky, Amos & Wakker, Peter, 1995. "Risk Attitudes and Decision Weights," Econometrica, Econometric Society, vol. 63(6), pages 1255-80, November.
    4. Quiggin, John, 2005. "The Precautionary Principle in Environmental Policy and the Theory of Choice under Uncertainty," Risk and Sustainable Management Group Working Papers 149847, University of Queensland, School of Economics.
    5. Massimo Egidi, 2005. "From Bounded Rationality to Behavioral Economics," Experimental 0507002, EconWPA.
    6. Carmela Di Mauro & Anna Maffioletti, 2004. "Attitudes to risk and attitudes to uncertainty: experimental evidence," Applied Economics, Taylor & Francis Journals, vol. 36(4), pages 357-372.
    7. William Goetzmann & Roger Ibbotson, 2005. "History and the Equity Risk Premium," Yale School of Management Working Papers ysm448, Yale School of Management.
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