Economics and Finance

1309 Submissions

[3] viXra:1309.0119 [pdf] submitted on 2013-09-17 10:10:51

Simultaneous Maximisation in Economic Theory

Authors: Ate Nieuwenhuis
Comments: 31 Pages. 6 black-and-white figures

This document provides translations of two important but neglected articles of Bruno de Finetti, Problemi di "optimum" and Problemi di "optimum" vincolato. The articles deal with the theory of simultaneously maximising a number of functions. A major field of application is economic theory, which through the assumption of rational, maximising behaviour of all participants defines a set of interdependent maximum problems as its model of the world.
Category: Economics and Finance

[2] viXra:1309.0118 [pdf] submitted on 2013-09-17 10:26:47

Reconsidering Nash: the Nash Equilibrium is Inconsistent

Authors: Ate Nieuwenhuis
Comments: 29 Pages. 4 tables, 6 color figures

This paper tries to rekindle the revolution in economic theory that Von Neumann and Morgenstern intended to unleash, but that was smothered by Nash. The assumption of rational, maximising behaviour by the participants in a social exchange economy leads to a set of interdependent maximum problems. The appropriate treatment of this kind of problem is provided by the theory of simultaneous maximisation, systematically studied for the first time by Bruno de Finetti. Cooperative game theory is a branch of simultaneous maximisation. Non-cooperative game theory errs in deriving the first-order conditions and yields conflicting outcomes for equivalent problems; a prime example is the Cournot equilibrium's differing from the Bertrand equilibrium. The analysis implies that large parts of positive economics must be revised, that normative economics is impossible, and that a stronger assumption is needed for economics to make determinate predictions of how money makes the world go round.
Category: Economics and Finance

[1] viXra:1309.0103 [pdf] submitted on 2013-09-17 03:17:36

Intellectual Capital

Authors: Rushchak Ekaterina, Chentsova Ekaterina, Lebedev Vladimir, Yadrin Alexander
Comments: 5 Pages. The article was presented in conference of North West Academy of Public Administration

This arcicle has a theoretical description of intellectual capital. Russian authors shows some specifics country's human capital and it's correlation with nation welfare. The article could be interesting for reseachers of questions of economy.
Category: Economics and Finance