We investigate the problem of minimizing a certainty equivalent of the total or discounted cost over a finite and an infinite horizon which is generated by a Markov Decision Process (MDP). The certainty equivalent is defined by U−1(EU(Y )) where U is an increasing function. In contrast to a risk-neutral decision maker this optimization criterion takes the variability of the cost into account. I...

Costs and benefits in the distant future—such as those associated with global warming, long-lived infrastructure, hazardous and radioactive waste, and biodiversity—often have little value today when measured with conventional discount rates. We demonstrate that when the future path of this conventional rate is uncertain and persistent (i.e., highly correlated over time), the distant future shou...

the certainty assumption that is used in economic analysis, althouth is easier in analysis, may be but not logical because in most projects time is playing a key role. in this time horizon the amount of income and future costs affecting by factors that are not managable by investors and can not to be forecasted. therefore in practice usually there is a gap between forecased and real variables. ...

This research explores the possibility that changes in attitude certainty can affect general self-certainty and, thus, have consequences that extend beyond the attitude domain. Across two studies, attitude certainty is manipulated using repeated attitude expression and attitude consensus paradigms. The implications of these manipulations are tested for feelings of general self-uncertainty (Stud...

The purpose of this article is to apply theory and research on attitude certainty to the study of the self. Our main goal is to show that research on attitudes, and in particular attitude certainty, can provide useful insights into self-related phenomena. By considering research on attitudes, we may be able to re-interpret previous self-related findings, make new predictions regarding the self,...

the aim of this study is to review the rentier state theory, with special regard to iran. iran’s rentier state is highly dependent on oil revenues, but much less on tax revenues. even this negligible reliance on tax revenues, itself seems to be indebted to oil revenues. thus the main research hypothesis is that iran’s oil revenue is one of the main determinants of tax revenues. to empirically t...

To understand the pricing and performance of private equity (PE), we analyze the incomplete-markets portfolio choice problem facing a risk-averse limited partner (LP) investing in liquid stocks and bonds along with an illiquid PE investment. A general partner (GP) manages the PE asset and generates alpha on it and charges management and performance fees via carried interest in return. Our compl...

Recent technological developments have created new challenges for the protection and enforcement of intellectual property rights. The amendments to existing legislation in response to these technological developments, and legal and academic reactions to these amendments, indicate that existing laws cannot be easily extended, applied to, and enforced on new networks and media. So far, efforts to...