We consider cooperative environments with externalities (games in partition function form) and provide a recursive definition of dividends for each coalition and any partition of the players it belongs to. We show that with this definition and equal sharing of these dividends the averaged sum of dividends for each player, over all the coalitions that contain the player, coincides with the corre...

In this paper we demonstrate safety first portfolio selection using extreme value theory. We show that Roy’s safety first criterion can be improved on by exploiting the fat tail property of asset returns. Using daily data for a set of international stock indices for the period 1986-May 2000, we calculate the so-called tail indexes, which are accurate measures of the fat-tailedness of the stock ...

The reproductive value (see Fisher 1930) arises as part of the shadow price of the population in a large class of age-structured optimal control models. 1 Institute of Mathematical Methods in Economics (Research Unit on Operations Research and Control Systems), Vienna University of Technology, Argentinierst. 8, A-1040 Vienna, Austria. E-mail: [email protected]. ac.at and Vienna Institute of Dem...

The ratio bias––according to which individuals prefer to bet on probabilities expressed as a ratio of large numbers to normatively equivalent or superior probabilities expressed as a ratio of small numbers––has recently gained momentum, with researchers especially in health economics emphasizing the policy importance of the phenomenon. Although the bias has been replicated several times, some d...

Research on information technology (IT) business value posit complex relationships from either a resource based view (RBV) or transaction cost economics (TCE) viewpoint. In contrast with the rich theoretical work, empirical studies have taken a ‘black box’ approach, testing relatively simple models. In this study, we integrate the theoretical and empirical work into a unified model of IT value.

undoubtly, land degradation causes apparent decrease of natural resources potential which are highly linked to desertification. different countries and also international organization have realized a great number of projects to combat desertification. unfortunately these projects have not reach to their goals. the experiences shows that the reason of these unsuccessful works is lack of consider...