We instillate rational cognition and learning in seemingly riskless choices and judgments. Preferences and possibilities are given in a stochastic sense and based on revisable expectations. the theory predicts experimental preference reversals and passes a sharp econometric test of the…

We show how to recover Euler's formula for $\zeta(2n)$, as well as $L_{\chi_4}(2n+1)$, for any integer $n$, from the knowledge of the density of the product $\mathbb{C}_1,\mathbb{C}_2\ldots,\mathbb{C}_k$, for any $k\geq 1$, where the $\mathbb{C}_i$'s are independent standard Cauchy variables.

Some probabilistic aspects of the number variance statistic are investigated. Infinite systems of independent Brownian motions and symmetric alpha-stable processes are used to construct explicit new examples of processes which exhibit both divergent and saturating number variance behaviour. We derive…

The paper investigates the pricing of derivative securities with calendar-time maturities.

In the presence of moral hazard, received agency theory predicts the Marshallian inefficiency of agricultural tenancy contracts, meaning that inputs per hectare on sharecropped land will differ from that on owned land. in this paper, we test for the presence…

In this article we study the effect of uncertainty on an entrepreneur who must choose the capacity of his business before knowing the demand for his product. The unit profit of operation is known with certainty but there is no…

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