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In general, models in finance assume that investors are risk averse. An example of such a recent model is the pioneering work of Aumann and Serrano, which presents an economic index of riskiness of gambles which is independent of wealth and holds (as might be understood from the adjective "economic") for exclusively risk averse investors. In their paper, they discuss gambles with positive expected returns which will be accepted or rejected by agents which different levels of risk aversion. The question never asked by the authors (and in most of the finance literature) is: Who is offering these attractive gambles? To arrive at an answer, we extend the Aumann-Serrano risk index in such a way t...
How the CMEA system of international trade affected enterprise incentives and inhibited market-oriented domestic reform in the Eastern European socialist economies.
Socialist economic planning and economic development trends from 1945 to 1977 in Albania - discusses the historical background, political ideology, workers participation, industrial management, agricultural management, impact of development aid and self reliance policy, and impact of incomes policies, domestic consumption, etc., on economic growth and industrial development. Bibliography pp. 162 to 165, map, references and statistical tables.