A decision maker bets on the outcomes of a sequence of coin-tossings. At the beginning of the game the decision maker can choose one of two coins to play the game. This initial choice is irreversible. The coins can be biased and the player is uncertain about the nature of one (or possibly both) coin(s). If the player is an expected-utility maximizer, her choice of the coin will depend on different elements: the nature of the game (namely, whether she can (...) observe the outcomes of the previous tosses before making her next decision), her utility function, the prior distribution on the bias of the coin. We will show that even a risk averter might optimally choose a riskier coin when learning is allowed. We will express most of our results in the language of stochastic orderings, allowing comparisons that are valid for large classes of utility functions. (shrink)

This book/CD package guides readers and listeners on a journey through Franz Schubert's Winterreise song cycle, in which the composer set the poetry of Wilhelm Muller to music. The complete text of the 24 poems is presented in both German and English, with 116 b&w photographs of winter scenes on the facing pages. An introductory essay by Susan Youens offers a critical examination of the song cycle. The music CD features a new recording of Winterreise, performed by baritone Paul (...) Rowe and pianist Martha Fischer. Oversize: 10.25x10.25". Annotation 2003 Book News, Inc., Portland, OR. (shrink)

Alfred Müller-Armack was one of the very important policy-makers who initiated the West-German economic recovery after WWII. He devised the underlying economic program of the so-called “German Miracle”, which was not a miracle at all. It was the outcome of a rigorous rule transformation from the bankrupt central planning of the Nazi- regime to a market economic order based on the principles of classical liberalism combined with a social safety net for all who suffered from the terrible consequences of (...) war destruction. He called his program “Social Market Economy”, thereby expressing that the risky game of the market needs a social safety net to make his program acceptable for the majority of the German citizens.Müller-Armack was not only the Head of the Central Policy Unit at the Federal Economic Ministry under Ludwig Erhard for twelve years but also a well-known university teacher of economics. In the tradition of Max Weber he combined this subject with the theory of economic sociology, and especially, the sociology of religion. In this respect he was an early author in the field which nowadays is named “cultural economics”. His publications on the impact of religious beliefs of greek-orthodox societies on the economic performance of South-East European countries are still of great interest for the present debates about the economic consequences of Islam.Alfred Müller-Armack fut l’un des très importants politiciens qui initièrent l’économie de l’ Allemagne de l’Ouest après la 2ème Guerre Mondiale. Il conçut dans ses grandes lignes le programme économique du soi disant « Miracle Allemand ». Ce fut le résultat d’une règle rigoureuse de transformation à partir de la faillite de la planification centrale du régime Nazi vers un ordre marchand fondé sur les principes du libéralisme classique combiné à un filet de sécurité sociale pour tous ceux qui avaient souffert des conséquences terribles des destructions de la guerre. Il appela son programme « Economie sociale de marché », exprimant ainsi que le jeu risqué du marché nécessite un filet de sécurité sociale pour rendre son programme acceptable par la majorité des citoyens allemands. Müller-Armack n’était pas seulement le chef de l’unité politique centrale au ministère fédéral de l’économie sous la direction de Ludwig Erhard pendant 12 ans, mais également un professeur très réputé d’économie à l’université. Dans la tradition de Max Weber, il associe ses sujets avec la théorie économique de la sociologie et plus particulièrement, la sociologie de la religion. Dans cette mesure, il fut un pionnier dans le champ de ce que l’on appelle aujourd’hui « l’économie de la culture ». Ses publications sur l’impact des croyances religieuses des sociétés grecques orthodoxes sur la performance économique des pays du Sud-Est Européen restent d’un grand intérêt pour les débats actuels au sujet des conséquences économiques de l’Islam. (shrink)

This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in (...) the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant. (shrink)