Индивидуальные представления об удаче как фактор принятия решений
This paper considers subjective beliefs in luck application to the theory of decision making under risk. Economic and psychological literature on this subject is analyzed in order to provide foundations and methodological guide for this application. It is also shown why ignoring these beliefs may result in significant biases for empirical analysis. Particularly it is shown that this ignoring may bias risk aversion parameters in individual utility function: risk averse person can be mistaken for risk loving one and vice versa. Finally, it is concluded that it is possible to apply beliefs in luck to decision making theory using concepts of subjective probabilities and stochastic dominance.
The efficiency of the interbank market depends largely on its inherent disciplining mechanisms. This paper investigates the discipline mechanisms of Russia’s interbank market, testing the hypothesis that market discipline in Russia was strong enough to constrain excessive risk-taking by participating banks before, during, and after the 2008–2009 financial crisis. The existence and efficiency of quantity-based market discipline are investigated using the Arellano-Bover and Blundell-Bond linear dynamic panel-data estimations. Our approach detects market discipline only during the financial crisis, not before or after. Even during the crisis, the efficiency of market discipline in curbing bank risk-taking was rather low.
The role of the selection operation—that stochastically discriminate between individuals based on their merit—on the updating of the probability model in univariate estimation of distribution algorithms is investigated. Necessary conditions for an operator to model selection in such a way that it can be used directly for updating the probability model are postulated. A family of such operators that generalize current model updating mechanisms is proposed. A thorough theoretical analysis of these operators is presented, including a study on operator equivalence. A comprehensive set of examples is provided aiming at illustrating key concepts, main results, and their relevance. © 2015 Springer Science+Business Media Dordrecht
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.