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Gains and losses: the same or different choices? A “non-ideal” economics approach

Alexander Harin
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Alexander Harin: Ñîâðåìåííàÿ Ãóìàíèòàðíàÿ Àêàäåìèÿ

International Finance from EconWPA

Abstract: Ideal economics? A “non-ideal” economics approach has been proposed, which considers the possibility of arrangement infringements. It gives promises for both solving fundamental problems of economic theory and creation of new directions and fields of research. The approach application in relation to choosing between risky and guaranteed outcomes is discussed. The article demonstrates the approach is able to give the same results for both gains and losses, therefore it is able to be a universal one. The concept of the space of “Anything can happen” is introduced. The article gives examples of practical application of the approach in relation to bank deposits, investments, business projects and international activities such as Millennium Dome-like projects and Olympiad-like projects.

Keywords: risk; choice; investment; bank; industry; market; development; expected utility; risk aversion; insurance (search for similar items in EconPapers)
JEL-codes: C70 D81 E62 F21 G11 G22 (search for similar items in EconPapers)
Date: 2005-09-06
Note: Type of Document - pdf; pages: 8. Improved version
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