The concept of linear risk tolerance is transferred from the expected utility framework to the two-parameter, mean-variance approach. We show how the requirement of a hyperbolical Arrow-Pratt index translates from the EU-approach into a condition on the marginal rate of substitution between return and risk in the two-parameter approach. As a spin-off from this translation, we derive a specific ...

In this paper, we develop continuous-time methods for solving dynamic principal-agent problems in which the agent’s privately observed productivity shocks are persistent over time. We characterize the optimal contract as the solution to a system of ordinary differential equations and show that, under this contract, the agent’s utility converges to its lower bound—immiserization occurs. Unlike u...

This paper studies the economic implications of automation. We consider that automation is affected by disruptive technologies which entail a structural change consisting in introduction new physical capital input (a combination artificial intelligence and autonomous robots), additional to ‘traditional’ assets labor. ‘automatic’ assumed carry out production activities without need be combined w...

BACKGROUND The trade-off that society is willing to make to promote a more equitable distribution of health can be represented as a social welfare function (SWF). SWFs are an economic construct that can be used to illustrate concerns for total health with aversion to inequalities between socioeconomic groups. OBJECTIVE This study used people's preferences to estimate the shapes of health-rela...

Background and Aim: Lipoma is a benign tumor composed of mature adipocytes. This study was performed on patientswith histologically diagnosed confirmed lipomas to evaluate clinical outcome after marginal excision the tumorsand determine whether local recurrence had any correlation with patient age sex, or size location.Materials & Methods: The present retrospective analysis that examined 10...

The effect of monochloro and dichloro substitution into the ethyl portion on the pyrolysis of ethyl vinyl ether has been studied. This involved four possible monosubstituted derivatives and six disubstituted derivatives. For the monochloro derivatives, B- chloro substitution enhanced the rate constant while a- chloro substitution depressed it noticeably. For the dichloro derivatives, substi...