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


  • Alexander Harin

    (Ñîâðåìåííàÿ Ãóìàíèòàðíàÿ Àêàäåìèÿ)


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.

Suggested Citation

  • Alexander Harin, 2005. "Gains and losses: the same or different choices? A “non-ideal” economics approach," International Finance 0509002, EconWPA.
  • Handle: RePEc:wpa:wuwpif:0509002
    Note: Type of Document - pdf; pages: 8. Improved version

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    References listed on IDEAS

    1. 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. 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.
    4. William Goetzmann & Roger Ibbotson, 2005. "History and the Equity Risk Premium," Yale School of Management Working Papers ysm448, Yale School of Management.
    5. 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.
    6. Massimo Egidi, 2005. "From Bounded Rationality to Behavioral Economics," Experimental 0507002, EconWPA.
    7. Tversky, Amos & Wakker, Peter, 1995. "Risk Attitudes and Decision Weights," Econometrica, Econometric Society, vol. 63(6), pages 1255-1280, November.
    Full references (including those not matched with items on IDEAS)

    More about this item


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

    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies


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