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Gains and losses: the same or different choices? A “non-ideal” economics approach

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  • Alexander Harin

    (Ñîâðåìåííàÿ Ãóìàíèòàðíàÿ Àêàäåìèÿ)

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    Abstract

    Ideal economics? A “non-ideal” economics approach has been proposed, which considers the possibility of arrangement infringements. It gives promises for both solving fundamental problems of economic theory and creation of new directions and fields of research. The approach application in relation to choosing between risky and guaranteed outcomes is discussed. The article demonstrates the approach is able to give the same results for both gains and losses, therefore it is able to be a universal one. 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/0509/0509002.pdf
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    Bibliographic Info

    Paper provided by EconWPA in its series International Finance with number 0509002.

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    Length: 8 pages
    Date of creation: 06 Sep 2005
    Date of revision:
    Handle: RePEc:wpa:wuwpif:0509002

    Note: Type of Document - pdf; pages: 8. Improved version
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    Web page: http://128.118.178.162

    Related research

    Keywords: risk; choice; investment; bank; industry; market; development; expected utility; risk aversion; insurance;

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    1. 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.
    2. 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.
    3. William Goetzmann & Roger Ibbotson, 2005. "History and the Equity Risk Premium," Yale School of Management Working Papers ysm448, Yale School of Management.
    4. 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.
    5. Tversky, Amos & Wakker, Peter, 1995. "Risk Attitudes and Decision Weights," Econometrica, Econometric Society, vol. 63(6), pages 1255-80, November.
    6. Massimo Egidi, 2005. "From Bounded Rationality to Behavioral Economics," Experimental 0507002, EconWPA.
    7. Alexander Harin, 2005. "A new approach to solve old problems," Game Theory and Information 0505005, EconWPA.
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