Many important economic decisions involve an element of risk.Risk aversion is a concept in economics,game theory,finance,and psychology related to the behavior of consumers,players,and investors under uncertainty.Loss...Many important economic decisions involve an element of risk.Risk aversion is a concept in economics,game theory,finance,and psychology related to the behavior of consumers,players,and investors under uncertainty.Loss aversion is an important component of a phenomenon that has been widely discussed in recent years.It refers to a tendency to feel the pain of a loss more acutely than the pleasure of an equal-sized gain.Many scientists have analyzed the problem of profitability in games.Some authors presented certain features which characterize“safe”games played once.Kahneman and Tversky(1991)showed that the ratio of loss aversion to gain attraction should amount to 1:2.The aim of this paper is to show an asymptotically efficient strategy which enables the risk-averse player to establish boundary variables of loss and gain at each stage of a repeated game.展开更多
Electronic games and video games have engaged the interest of artificial intelligence(AI)researchers.The cryptocurrency bitcoin is generated by an algorithm based on cryptography technology.High frequency trading(HFT)...Electronic games and video games have engaged the interest of artificial intelligence(AI)researchers.The cryptocurrency bitcoin is generated by an algorithm based on cryptography technology.High frequency trading(HFT)based on high quality software.The most spectacular games and programs use a learning neural network,for example backgammon,bridge,Go.Those were created with the use of“deep learning”on multiple layers of neural network.Sometimes,it is not clear“which path the computer will chose”.The paper aims at discussing the electronic version of some games and their applications in developing an AI.展开更多
Gold is used as a currencies comparative measure and,because of its properties(it does not rust)and use(in space industry,for example),it has a significant role in balancing both financial markets and economies.During...Gold is used as a currencies comparative measure and,because of its properties(it does not rust)and use(in space industry,for example),it has a significant role in balancing both financial markets and economies.During crises,gold seldom loses value.We aim to show that price of gold is a stabilizing factor for the economic balance.We will do so utilizing the chaos theory,which gains more and more popularity in social sciences.展开更多
Stock indices were created to accurately reflect changes in the prices of stock exchange securities included in them.Indices are divided into price-weighted and value-weighted indices.In price-weighted indices,each se...Stock indices were created to accurately reflect changes in the prices of stock exchange securities included in them.Indices are divided into price-weighted and value-weighted indices.In price-weighted indices,each security has the same impact on the index,which is the arithmetic mean of the stock values of the companies it comprises.A value-weighted index accounts for changes in the value of shareholdings.By choosing the right composition of share packages,one can change the impact of a given security on the index.Market dynamics also change the composition of the index by removing securities and replacing them with others.The impact on the index grows as the price of a given security increases.Recently,index values have been strongly influenced by new technology companies,which have greatly appreciated during the SARS-CoV-2 pandemic.The aim of this work is to show the changes in two indices in particular:US NASDAQ Composite,and the new competitive SSE STAR index,an index from the Shanghai Stock Exchange.展开更多
The art market,following the example of financial markets,is divided into a primary market,where works are traded directly from artists,and a secondary market that is mainly the auction market.COVID-19 and galloping i...The art market,following the example of financial markets,is divided into a primary market,where works are traded directly from artists,and a secondary market that is mainly the auction market.COVID-19 and galloping inflation have influenced the creation of a bull market in artwork.The high incomes of some buyers and inflation have influenced the emergence of the so-called“glittery”art market.Works by neglected artists have“very much taken on a life of their own”:fantasy art,works by young poster artists,casting“nightmares”-have been selling well for more than a year.People terrified of inflation are putting their money“in works of art”.The auction market dominates the primary market because anonymity makes it easier to enter the art market.The gallery market does not guarantee this anonymity.Very often,the auction market for works of art is used for money laundering.The purpose of this paper is to show that auction mechanisms are a good tool for the efficient allocation of goods and money in an era of galloping inflation,including non-standard objects such as works of art.These mechanisms,due to the information asymmetry,often lead to the generation of all kinds of pathologies and the increasing incidence of the phenomenon known as the winner’s curse.展开更多
文摘Many important economic decisions involve an element of risk.Risk aversion is a concept in economics,game theory,finance,and psychology related to the behavior of consumers,players,and investors under uncertainty.Loss aversion is an important component of a phenomenon that has been widely discussed in recent years.It refers to a tendency to feel the pain of a loss more acutely than the pleasure of an equal-sized gain.Many scientists have analyzed the problem of profitability in games.Some authors presented certain features which characterize“safe”games played once.Kahneman and Tversky(1991)showed that the ratio of loss aversion to gain attraction should amount to 1:2.The aim of this paper is to show an asymptotically efficient strategy which enables the risk-averse player to establish boundary variables of loss and gain at each stage of a repeated game.
文摘Electronic games and video games have engaged the interest of artificial intelligence(AI)researchers.The cryptocurrency bitcoin is generated by an algorithm based on cryptography technology.High frequency trading(HFT)based on high quality software.The most spectacular games and programs use a learning neural network,for example backgammon,bridge,Go.Those were created with the use of“deep learning”on multiple layers of neural network.Sometimes,it is not clear“which path the computer will chose”.The paper aims at discussing the electronic version of some games and their applications in developing an AI.
文摘Gold is used as a currencies comparative measure and,because of its properties(it does not rust)and use(in space industry,for example),it has a significant role in balancing both financial markets and economies.During crises,gold seldom loses value.We aim to show that price of gold is a stabilizing factor for the economic balance.We will do so utilizing the chaos theory,which gains more and more popularity in social sciences.
文摘Stock indices were created to accurately reflect changes in the prices of stock exchange securities included in them.Indices are divided into price-weighted and value-weighted indices.In price-weighted indices,each security has the same impact on the index,which is the arithmetic mean of the stock values of the companies it comprises.A value-weighted index accounts for changes in the value of shareholdings.By choosing the right composition of share packages,one can change the impact of a given security on the index.Market dynamics also change the composition of the index by removing securities and replacing them with others.The impact on the index grows as the price of a given security increases.Recently,index values have been strongly influenced by new technology companies,which have greatly appreciated during the SARS-CoV-2 pandemic.The aim of this work is to show the changes in two indices in particular:US NASDAQ Composite,and the new competitive SSE STAR index,an index from the Shanghai Stock Exchange.
文摘The art market,following the example of financial markets,is divided into a primary market,where works are traded directly from artists,and a secondary market that is mainly the auction market.COVID-19 and galloping inflation have influenced the creation of a bull market in artwork.The high incomes of some buyers and inflation have influenced the emergence of the so-called“glittery”art market.Works by neglected artists have“very much taken on a life of their own”:fantasy art,works by young poster artists,casting“nightmares”-have been selling well for more than a year.People terrified of inflation are putting their money“in works of art”.The auction market dominates the primary market because anonymity makes it easier to enter the art market.The gallery market does not guarantee this anonymity.Very often,the auction market for works of art is used for money laundering.The purpose of this paper is to show that auction mechanisms are a good tool for the efficient allocation of goods and money in an era of galloping inflation,including non-standard objects such as works of art.These mechanisms,due to the information asymmetry,often lead to the generation of all kinds of pathologies and the increasing incidence of the phenomenon known as the winner’s curse.