Article Abrstract:

U radu se raspravlja o nekoliko predloga za opšti normativni okvir koji bi obuhvatio nestandardne modele izbora. Većina postojećih predloga izjednačava blagostanje sa dobrobiti. Neki pretpostavljaju da dobrobit proizilazi iz dobro definisanih ciljeva, i da ti ciljevi takođe dovode do izbora; trik je u tome da se formuliše okvir u kom obrasci nepotpuno koherentnih izbora otkrivaju ciljeve koji nisu posmatrani. Drugi ostaju pri stavu da se dobrobit, a samim tim i blagostanje, mogu direktno meriti. Oba pristupa nailaze na ozbiljne konceptualne poteškoće. Jedan mogući pristup, koji su razvili Bernheim i Rangel (2009), definiše blagostanje direktno u smislu izbora. On podrazumeva opšte kriterijume blagostanja koji se direktno odnose na izbor, bez potrebe za bilo kakvom racionalizacijom koja potencijalno uključuje pretpostavke u vezi sa ciljevima i njihov odnos prema izboru. Kako korisne biheviorističke teorije uopšteno predviđaju visok stepen koherentnosti u ponašanju, takav kriterijum dovodi do iscrpnog i upotrebljivog normativnog okvira.

Article Abrstract:

The objective is to interpret John von Neumann's growth model as a decisive step of the forthcoming formalist revolution of the 1950s in economics. This model gave rise to an impressive variety of comments about its classical or neoclassical underpinnings. We go beyond this traditional criterion and interpret rather this model as the manifestation of von Neumann's involvement in the formalist programme of mathematician David Hilbert. We discuss the impact of Kurt Gödel’s discoveries on this programme. We show that the growth model reflects the pragmatic turn of the formalist programme after Gödel and proposes the extension of modern axiomatisation to economics.

Article Abrstract:

This paper tries to examine the long run relationships between the aggregate consumer prices and some cost-based components for the Turkish economy. Based on a simple economic model of the macro-scaled price formation, multivariate cointegration techniques have been applied to test whether the real data support the a priori model construction. The results reveal that all of the factors, related to the price determination, have a positive impact on the consumer prices as expected. We find that the most significant component contributing to the price setting is the nominal exchange rate depreciation. We also cannot reject the linear homogeneity of the sum of all the price data as to the domestic inflation. The paper concludes that the Turkish consumer prices have in fact a strong cost-push component that contributes to the aggregate pricing.

Article Abrstract:

This paper explores the use of the Panzar-Rosse statistic as a basis for empirical assessment of competitive conditions among Tunisian deposit banks. The elaborated model has been tested with an interest revenues equation and a total revenues equation. Proceeding by means of an Ordinary Least Square analysis, the H-statistics is respectively estimated at 0.87 and 0.91. The computations undertaken using bank fixed effects and bank random effects General Least Square methods yield similar results. With reference to the reviewed literature, we are inclined to believe that Tunisian banks implement neither a joint monopoly nor a collusive competition context, and that they evolve within an oligopolistic competition context in a contestable market. Thus, it confirms the presence of a competitive environment.

Article Abrstract:

In order to prescribe adequate remedies to treat the current financial crisis one has to understand what in the first place went wrong. An age ago, older generations wrote that disease could not be cured without an accurate diagnosis. In contrast to mainstream “efficient markets hypothesis” we argue that Minsky’s financial instability hypothesis gives numerous valuable insights into sources and possible consequences of current global financial crisis. Furthermore, two decades ago Hyman P. Minsky predicted possible developments and perils of ever growing process of securitization of illiquid assets.

Article Abrstract:

The presented Macroeconomic Projections Model is based on a “pre-established” model for projecting the balance of payment linked with the balance of gross domestic product use. Such a model is the “authentic! one, designed by authors, i.e. based on a no theoretical concept of modelling the macroeconomic equilibrium, but it has a “heuristic” (experiential) character. The idea for designing such a model comes from the fact that theoretical models involve numerous equations that are to be solved, with numerous parameters to be estimated, including also the problem of linearity (smoothness) of longterm analytical curves, as well as the problem of an undeveloped market, a closed economy or an economy that is fragile in its relations with foreign countries, the problem of “turning” points, different internal or external shocks, etc.

Article Abrstract: