Ambiguity, Efficieny and Bank Bailouts
AWI Discussion Paper Series. DP600. Heidelberg University , 2007. No. 442.
The paper examines the effects of ambiguity in regulation on the equilibrium allocation. Under ambiguous bailout policy, agents’ suffer from a lack of information with regards to the insolvency resolution method, which would be chosen by the regulator if a financial institution fails. In this case, beliefs of bankers regarding whether an insolvent bank is liquidated, may differ from those of depositors. The beliefs may be asymmetric even if bankers and depositors possess absolutely symmetric information about the policy of the regulator. It is shown that such asymmetry in beliefs can generate an allocative inefficiency of the bank based economy.
, Journal of International Money and Finance 2012 Vol. 31 No. 6 P. 1459-1481
Unclear bailout policy, underinvestment and calls for greater responsibility by bankers are some of the observations from the recent financial crisis. The paper explains underinvestment as an inefficient equilibrium. Under ambiguous bailout policy agents suffer from a lack of information about the insolvency resolution methods. The beliefs of bankers regarding whether an insolvent bank is liquidated, may differ from ...
Added: June 26, 2018
, Искусственный интеллект и принятие решений 2014 № 3 С. 105-115
The paper proposes a method of multicriteria optimization under interval stochastic uncertainty of estimates given by the subject for the relative importance of one criterion over the other and the different alternatives to each other for each criterion. The method is an extension of the deterministic Analytic Hierarchy Process (AHP) for multicriteria optimization. It is ...
Added: September 3, 2014
, Менеджмент в России и за рубежом 2014 № 4 С. 12-22
People while make a decision is oriented primarily on dividends and profits (chances) which promised this decision and in the last instance – on those difficulties (risks) that may be encountered on the way to their goal. In other words future chances are the motivation that drives the activities and risks are warnings about the ...
Added: September 3, 2014
, , Корпоративные финансы 2010 № 2(14) С. 68-75
Any company in market economy faces with a problem of acceptance of strategic decisions, under conditions of uncertainty concerning the future. Under conditions of economic crisis when level of uncertainty increases, this problem becomes especially actual. One of methods for reduction the influence of the uncertainty factor by the company activity, received a new push ...
Added: October 28, 2012
, М.: Издательская группа URSS, 2019
Настоящая книга посвящена методам и принципам моделирования и принятия решений, применяемым в различных управленческих проблемах. В ней подробно разбираются модели большого числа самых разнообразных управленческих ситуаций, методы принятия решений в условиях риска, неопределенности и многокритериальности, финансовое прогнозирование, оптимальные инвестиционные решения и многое другое из того, что составляет количественный инструментарий современного менеджера. Цель настоящей книги - ...
Added: November 6, 2019
, The Review of Economics and Statistics 2018 Vol. 100 No. 4 P. 664-677
Ambiguity attitudes have been prominently used in economic models, but we still know little about their demographic correlates or their generalizability beyond the West. We analyze the ambiguity attitudes of almost 3,000 students across thirty countries. For gains, we find ambiguity aversion everywhere, while ambiguity aversion is much weaker for losses. Ambiguity attitudes change systematically ...
Added: February 20, 2018
, Economic Herald of the Donbas 2015 No. 4 (42) P. 12-17
The paper offers the following hypothesis: the Big Band (Shock Therapy) strategy of the 1990s in Russia has led to more non-rational behavior of the ordinary Russian people. The point is that in order to make completely rational decisions a person needs avoid both lack of information and information overload. Radical “transition to the market ...
Added: October 20, 2016
, Аудит и финансовый анализ 2010 № 5 С. 274-252
The author considers the conflict between NPV and IRR criteria in investment projects with non-conventional cash flows. This paper presents a new measure - the generalized net present value (GNPV) - to eliminate the disadvantages of the NPV in investment projects with non-conventional cash flows. The GNPV is a monotonically decreasing function of the discount ...
Added: September 28, 2012
, , Логистика 2017 Т. 136 № 6 С. 44-48
When applied in practice, the General method of analysis of hierarchies by different authors difficulties achieving the required consistency value judgments for matrices of paired comparisons orders above the fourth. This article discusses two practical method for building matrixes of pairwise comparisons, allowing to resolve this problem. An illustration of practical applying for solving logistical ...
Added: December 1, 2017
, , Менеджмент качества 2012 № 1 С. 44-59
Для задач выбора наилучшего решения при оптимизации места дислокации и формы собственности склада представлен новый формат процедур оптимизации по многим критериям. Представленный подход позволит менеджеру повысить качество принимаемых решений за счет устранения феноменов неадекватного выбора с учетом предпочтений ЛПР. Иллюстрации представлены в формате критерия выбора по методу идеальной точки. В статье представлен новый метод выбора ...
Added: November 20, 2012
Особенности использования критерия среднего геометрического в формате задач многокритериального выбора места дислокации и формы собственности склада
, , Логистика сегодня 2011 № 1 С. 12-24
Для задач многокритериальной оптимизации выбора места дислокации и формы собственности склада при формировании сети распределения в формате традиционных критериев выбора дана иллюстрация возможности неадекватного нахождения наилучшего решения по критерию среднего геометрического относительно системы предпочтений лица, принимающего решения. Даны рекомендации по реализации нового подхода к решению таких задач, чтобы дать менеджеру возможность устранять указанный феномен неадекватного ...
Added: November 20, 2012
, Вопросы экономики 2013 № 10 С. 47-65
The paper aims at tracing the connection between the ideas of Keynes, Knight and Mises on uncertainty and probability. It also highlights the links between economic ideas, ethical presuppositions and practical implications these scholars drew. Both similarities and differences are found, influenced for the large part by the context of dealing with the problems under consideration. ...
Added: November 17, 2013
Влияние субъективных представлений об удаче на принятие решений в условиях риска:анализ телевизионного шоу
, Прикладная эконометрика 2019 Т. 56 № 4 С. 74-98
This paper investigates into the questions of subjective beliefs in luck evaluation and their influence on the individual behavior. Based on the TV show "Deal or Not a Deal" participants behavioral data decision making under risk model with subjective probabilities has been provided. Model parameters are estimated via nonlinear binary regression with heteroscedastic random error. ...
Added: January 21, 2020
, Экономика и менеджмент систем управления 2014 № 1.1(11) С. 149-156
People while make a decision is oriented primarily on dividends (chances) and in the last instance – on those difficulties (risks) that may be encountered on the way to their goal. The article develops the method of decision-making under uncertainty, taking into account in the future update of the set of chances and risks, and ...
Added: September 3, 2014
, Journal of International Business and Economics 2019 Vol. 7 No. 1 P. 18-25
Uncertain economic situations like shock, crisis, and fall impact significantly on the personal investments, main of them are life insurance and savings. Taking into account the importance of precautionary life insurance and savings as the future buffers due to current ambiguity, it is essential to understand individuals’ behavior regarding to the economic uncertainty. This article ...
Added: September 12, 2019
, Информационные технологии моделирования и управления 2010 № 1(60) С. 71-80
Статья рассказывает о принятии многокритериальных решений с использованием метода анализа иерархий. Метод Анализа Иерархий (МАИ) — математический инструмент системного подхода к сложным проблемам принятия решений. МАИ не предписывает лицу, принимающему решение (ЛПР), какого-либо «правильного» решения, а позволяет ему в интерактивном режиме найти такой вариант (альтернативу), который наилучшим образом согласуется с его пониманием сути проблемы и требованиями ...
Added: October 21, 2012
Methods of configuring the decision-making system when choosing and supporting an entity development strategy
, , Business Informatics 2015 No. 4 P. 47-54
This article is devoted to the problems of formalization of decision-making in the choice of development strategy in an organization and the ways to implement this strategy. A prioritization method is proposed that allows converting qualitative indicators into qualitative variables by means of pairwise comparison of the objects. As opposed to a simple summation of ...
Added: December 28, 2015
, Journal of Economic Studies 2021
Purpose: The research aims to examine the impact of economic policy uncertainty (EPU) on a company's behaviour concerning its human capital. Additionally, the difference in effect for companies with specific human capital is analysed. Design/methodology/approach: The hypotheses are tested on a multi-industry sample of large public companies from five European countries, using panel data modelling. The index of ...
Added: July 2, 2021
A multi-criteria approach to selecting an optimal portfolio of refinery upgrade projects under margin and tax regime uncertainty
, , et al., Omega 2017 Vol. 72 P. 50-58
This work deals with investment decision in downstream, and as is wellknown no two refineries are exactly alike, even if they are owned by the same company(Cheremisinoff 2001). Each was designed with a combination of several technologies to meet requirements (market opportunities, availabilities, financial capability, environmental realities) (Energy 2009). One of the most commonly used ...
Added: February 15, 2017
, Journal of Comparative Economics 2020 Vol. 48 No. 4 P. 933-950
The paper studies evidence from Russian firms to explore whether the decentralization of firms can be successful under weak institutions. The paper distinguishes between two strategies for decentralization of firms in an environment with weak institutions: decentralization of decisionmaking authority to professionals hired through open competition (real decentralization) and decentralization to people hired through connections (cautious decentralization). The paper ...
Added: December 7, 2020
Adopting new medical technologies in Russian hospitals: what causes inefficiency? (qualitative study)
, , Health Economics, Policy and Law 2018 Vol. 13 No. 1 P. 33-49
The adoption of new medical technologies often generates losses in efficiency associated with the excess or insufficient acquisition of new equipment, an inappropriate choice (in terms of economic and clinical parameters) of medical equipment, and its poor use. Russia is a good example for exploring the problem of the ineffective adoption of new medical technologies ...
Added: April 1, 2017
, , Управленческий учет 2015 № 9 С. 19-29
The article offers the author's method of analysis and evaluation of legal risks in a commercial organization. Contains the definition of legal risk, offers their classification. This paper proposes a mechanism for calculating the valuation of legal risks, as well as the interrelation of legal risks and financial condition of the commercial organization. ...
Added: October 1, 2015
, , Науковедение 2014 № 3(22) С. 118EVN314
The relevance of the topic is supported by high growth of IT-industry and the tendency of commercializing of innovated products. High demand on IT-services and software was a base of its diversification both for corporate and private clients. Nowadays business valuation of IT-companies plays a supported role for managers in performing operational and strategic goals. ...
Added: January 3, 2015
, , Финансы и бизнес 2020 Т. 16 № 3 С. 61-78
One of the main considerations in any M&A transaction is the method of payment. The right choice of method of payment contributes to the reduction of the company's cost of capital, risk diversification, and shareholders' wealth creation. The article presents the analysis of earnout contracts, which have been increasing in popularity in the last decades. ...
Added: April 16, 2021