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The primer on arbitrage conceptions in economics: their logics, roots and some formal models (historical and bibliographical notes)

100%
Rybicki W.
Mathematical Economics
|
2011
|
issue 7 (14)
173-197
EN
The paper makes up the first part of a larger study devoted to arbitrage ideas, models and pricing methodology in spirit of “no arbitrage” (or fairness or transparency) demands.The work – as a whole – is entitled “Arbitrage in Economics and Elsewhere – Facts Well Known and Less Known” and consists of three papers. In the present essay we intentionally interweave “loose (informal) variations on themes” (of arbitrage theories, their applications and connotations) with (brief) demonstrations of selected formal models and some more rigorous mathematical technicalities. Some efforts are made to highlight significant economic aspects as well as to reveal a piece of mathematical “machinery” hidden behind the stories told. Nevertheless, the introductory character of the current paper causes the descriptive, philosophical and historical elements to prevail: we invoke very old roots such as Aristotle‟s or Aquinata‟s thoughts and then follow Cournot, Walras and Keynes works, up to the crucial paper of Miller, Modigliani. Along the way the very deep considerations on the coherency of subjective probability systems are mentioned – “the probabilistic core” of an arbitrage/no arbitrage questions (thoughts of Ramsey and de Finetti). Subsequently, the basics (finite state-space) of the modern, martingale (no arbitrage) modeling (originated by Harrison, Kreps, Pliska) is presented, as well as the “factor-type” schema of the arbitrage pricing theorem (Ross‟s conception). The role played by the supplemented bibliography should be also pointed out. It significantly enters the planned communication. The author‟s aim was to provide the (selected) basis, and “vocabulary” which will be useful for reading the entirety of the “trilogy” – the presented foreword really constitutes a kind of “a bibliographical note”.
2
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Czy warto być homo pecuniosus?

100%
Grabowski K.
Prakseologia
|
2010
|
issue 150
87-92
EN
The author refers to the defi nition of homo pecuniosus set by prof. Janina Filek and analyzes the scope of it in the context of business ethics. As a practitioner, he gives several examples taken from the real life of derivatives trading with different consequences of ethical or non-ethical behaviour. The final conclusion is that not only so called financiers, but all of us are homo pecuniosus and it may be a valuable concept when treated in a long-term sense.
3

Arbitrage in economics and elsewhere – facts well known and less known (three papers on arbitrage ideas, modeling and pricing – yesterday, today and tomorrow) – introduction to the series

100%
Rybicki W.
Mathematical Economics
|
2011
|
issue 7 (14)
169-172
XX
The presented series of articles on arbitrage theories and their methodological aspects consist of three papers entitled as follows: I. The Primer on Arbitrage Conceptions in Economics: Their Logics, Roots and Some Formal Models (Historical and Bibliographical Notes). II. Mathematics of Financial Arbitrage: From Algebraic Geometry at the Turn of the 19th and 20th Centuries to Modern Martingale (Generalized) Considerations III. The Arbitrage in Stochastic Finance, Social Choice Theory and Macroeconomics. The articles are devoted to present – in a historical perspective – the basic ideas and “metamorphoses” of the notion and role of an arbitrage (originated as a kind of clever and rational speculation – the last word is used in a “neutral”, not pejorative sense) as well as to point out its various, important connotations (not merely in finance or even economics) and to demonstrate some mathematical inevitable technicalities, reflecting, in fact, the logical essence and the modern view of the arbitrage (and non arbitrage) conditions.
4

Social Equality as Groundwork for Sustainable Schooling: The Free Lunch Issue

84%
Kairiene B., Sprindziunas A.
Journal of Teacher Education for Sustainability
|
2016
|
vol. 18
|
issue 1
127-139
EN
The purpose of the present study was to discuss the way of organizing free lunch at public schools as an important precondition for social equality and sustainability in school, by revealing acute forms of social disjunction in Lithuanian schools as a major incongruity with Children Rights, and an obstacle to the achievement of general education goals. The objective of the study: to study the experience of pupils subject to free lunch in public schools, as well as the experience and viewpoints of pedagogues involved in the organization of free lunch in relation to social equality and sustainable schooling. A qualitative research was conducted in several Lithuanian schools focusing on the experience of the pupils, who had the privilege of having cost-free lunch at schools, as well as the pedagogues involved in organizing free lunch. The research data indicated the violation of children’s rights to healthy nutrition, as the respondents complained about the quality and the way of implementation of free lunch in schools. The research data revealed some discriminatory practices of separate queues to provide dishes to pupils from needy families, and limited or lacking opportunities for them to choose dishes. The analysis of the research data led to the recommendation to professionally assess the correspondence of the organization of free meals in the aspects of effectiveness, legal regulation and ethics with children’s needs.
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