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1

Risky Assets' Demand and Specific Taxation of Capital Gains

100%
Dudzinski P.
Pieniądze i Więź
|
2007
|
vol. 10
|
issue 3(36)
53-63
EN
The paper is concerned with portfolio decisions in the case of a tax only on a safe asset, with no tax on the risky asset. There is an analysis of the influence of Arrow - Pratt risk-aversion indexes on portfolio selection. The author has formulated and proved theorem describing some properties of risky assets' demand based on von Neumann - Morgenstern (expected utility) model.
2

Optimal Decision Taking in Economic Risks Conditions

100%
Dudzinski P.
Pieniądze i Więź
|
2006
|
vol. 9
|
issue 2-3(31-32)
45-53
EN
The paper is concerned with optimal decision choice taking risk into account. There are presented and compared two methods: first is called expected value of the prospect, the second is based on utility theory and is called expected utility of the prospect. Also some applications to insurance and portfolio decisions are shown in the paper.
3

The Impact of Risk on Decision Taking by Oligopolist

100%
Dudzinski P.
Pieniądze i Więź
|
2008
|
vol. 11
|
issue 4(41)
185-190
EN
The article presents an application of the von Neumann-Morgenstern theory to oligopoly case. It is proven that oligopoly leader's decision are different in cases of risk neutrality and risk aversion. Under uncertainty and risk aversion output is usually smaller and the certainty output and expected profits are higher in the risk neutrality case
4

At the Source of Gossen's Laws

63%
Dudzinski P., Katowski T.
Pieniądze i Więź
|
2007
|
vol. 10
|
issue 1(34)
119-126
EN
The aim of the article is to present how Gossen explained the fundamental rule that defines fulfilling the life goal of every man - a rule of equimarginalism. Gossen's explanation is surprisingly different from the explanation offered by microeconomics' handbooks. In the first part the article presents short biography of Gossen and unusual history of his work and the rules formulated there. The second part presents original Gossen's arguments explaining equimarginalism. At present we usually treat utility as a function of consumption and therefore as a growing function. Gossen represented pleasure as the time related function. It is a different kind of function and therefore it has got different characteristics. The explanation of equimarginalism proposed by Gossen is worth remembering because of the role of time factor and the decision aspect. The G. Becker's (1965) function of consumption that accepts time as a part of consumer's costs to attain utility may be understood as development of Gossen ideas formulated in 1854. Gossen's understanding of decision aspect's importance has come 80 years prior to the L. Robbin's (1932) definition of the economy's research subject that understood management as a decision making process. The third reason to remember original Gossen argument: the equimarginalism rule points out to utility as a quality in the perspective of acting man. On the basis of the active decision making process L. Mises (1949) has constructed praxaeological theory of final utility. In Gossen work one can see the seeds of that theory too.
5

Forgotten Part of the Oligopoly - Demand Curve in Pricing Leadership and Prize Discrimination Conditions

63%
Dudzinski P., Katowski T.
Pieniądze i Więź
|
2008
|
vol. 11
|
issue 3(40)
222-228
EN
In the model of oligopoly the demand curve kinks. The broken line depicting the demand curve may have two shapes: with the cusp directed upwards or downwards. Although the first one is generally considered as typical it is worth mentioning that P. Sweezy - one of the authors of the kink theory - thought of both of them as being equivalent. As far as we know no one has examined in detail the second case of the kink. The aim of the article is to investigate the characteristics of downwards kinked demand curve. We conclude that the point of the kink can not be the equilibrium position for the producer. Just opposite, keeping the price and the output in this point would be for him the worst solution. In this case the stability (stickiness) of price does not exists but it is not possible to stipulate the producer's decisions as to the price and output unless we know the set of non-pecuniary elements affecting his decision making process. Those factors are included in the managerial and institutional analysis.
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