Increasing Risk: A Definition and Its Economic Consequences

The Modern Corporation and Private Property

This monumental work on the corporation is one of those enduring classics that many cite but few have read. Graced with a new introduction by Weidenbaum and Jensen, this new edi...

The Warrant—Its Powers and Its Hazards

Since a warrant has no tangible equity in the balance sheet nor earning power (in fact no value other than that which investors assign to its right or privilege to buy) it moves...

Modeling the Societal Impact of Fatal Accidents

A number of proposals have been put forth regarding the proper way to model the societal impact of fatal accidents. Most of these proposals are based on some form of utility fun...

Aspects of Rational Insurance Purchasing

Theory of Option Strategy Under Risk Aversion

We shall investigate the problem of optimal exercising strategy for option holders for the case in which option holders are averse to risk. A model of stock price changes incorp...