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

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  • Alexander Harin

    (Ñîâðåìåííàÿ Ãóìàíèòàðíàÿ Àêàäåìèÿ)

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.

Suggested Citation

  • Alexander Harin, 2005. "Gains and losses: the same or different choices? A “non-ideal” economics approach," International Finance 0509002, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpif:0509002
    Note: Type of Document - pdf; pages: 8. Improved version
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    References listed on IDEAS

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    2. Alexander Harin, 2005. "A new approach to solve old problems," Game Theory and Information 0505005, University Library of Munich, Germany.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    risk; choice; investment; bank; industry; market; development; expected utility; risk aversion; insurance;
    All these keywords.

    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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