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Legality and Market Reform in Soviet-Type Economies

[Symposium: Economic Transition in the Soviet Union and Eastern Europe]

By John M. Litwack

Journal of Economic Perspectives, Fall 1991

The classical Soviet-type system operates in the virtual absence of economic legality, which is a prerequisite to a successful transition to a market economy in the Soviet Union and the nations of Eastern Europe. In the absence of economic legality, the l...

The Rich Domain of Uncertainty: Source Functions and Their Experimental Implementation

By Mohammed Abdellaoui, Aurélien Baillon, Laetitia Placido, and Peter P. Wakker

American Economic Review, April 2011

We often deal with uncertain events for which no probabilities are known. Several normative models have been proposed. Descriptive studies have usually been qualitative, or they estimated ambiguity aversion through one single number. This paper introduces...

Safety Traps

By Kenza Benhima and Baptiste Massenot

American Economic Journal: Macroeconomics, October 2013

Fear of risk provides a rationale for protracted economic downturns. We develop a real business cycle model where investors with decreasing relative risk aversion choose between a risky and a safe technology that exhibit decreasing returns. Because of ...

Controlling Automobile Insurance Costs

By J. David Cummins and Sharon Tennyson

Journal of Economic Perspectives, Spring 1992

We begin by providing an overview of the auto insurance system and the structure of the auto insurance market. We then turn to an analysis of the factors underlying the auto insurance price increases experienced in recent years. We find that the auto insu...

Symposium on Economic Transition in the Soviet Union and Eastern Europe

[Symposium: Economic Transition in the Soviet Union and Eastern Europe]

By Peter Murrell

Journal of Economic Perspectives, Fall 1991

This symposium examines the economic problems facing the reforming countries of the Soviet Union and Eastern Europe, the interrelationships between these problems, and current knowledge on how to deal with them. The word "reform" is surely a misnomer for ...