Sidorov A.A. —
Utility function of an investor as the instrument of formation and assessment of an investment portfolio
// Finance and Management.
– 2019. – № 3.
– P. 1 - 11.
DOI: 10.25136/2409-7802.2019.3.30338 URL: https://en. nbpublish.com/library_read_article.php?id=30338
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This article explores the question of defining the utility function of an investor within the framework of solving of investor’s problem. Due to their characteristic features, the securities afford an opportunity to the financial market participants to implement various focus strategies in the area of investment management. The basic idea of investment decision-making implies the optimization of utility as a method for achieving the utmost possible utility within the existing budget. The final solution of optimization process is the conclusion on the content and volume of procured products and services at a particular price, and represents consumer choice. Due to popularity of portfolio investment, the analysis of approaches towards modeling of the investor’s preferences is of great practical and theoretical interest. Theoretical models for analyzing the investor’s preferences, namely the utility function, comprise the subject of this research. It is established that in the context of economic practice, from the investors’ perspective, application of the utility function tools is complicated and requires improvement, because is extremely difficult to interpret the interrelation of any securities with others, due to the reason that investment appeal of the assets is affected by an entire set of factors, and the question of their determination or comparison is yet insufficiently studied. Based on examination and critical approach to scientific works of the founders and successors of the portfolio theory, as well as their perception of the elements of the utility function, the author suggests ways for improving the considered approach.
marginal utility theory, cardinal approach, ordinal approach, utility, investment portfolio, utility function, risk, yield, liquidity, factor models
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Galanov V.A., Basov A.I. Rynok
Question at hand
Dashieva B.S. —
To the question on convergence of labor productivity in Russia
// Finance and Management.
– 2019. – № 3.
– P. 12 - 21.
DOI: 10.25136/2409-7802.2019.3.30540 URL: https://en. nbpublish.com/library_read_article.php?id=30540
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The subject of this research is the analysis of the process of convergence of labor productivity in the Russian Federation. Labor productivity is the key indicator of economic growth and national competitiveness. The object of this research is the types of economic activities and Russian regions. Convergence is viewed from the industrial and territorial perspectives. Industrial convergence manifests in decreasing variability rates of labor productivity. Territorial convergence consists in outstripping the growth rates of labor productivity in the developing regions in contrast with the developed subjects of the federation. The research methodology is based on the use of statistical methods. In particular, the author applies the indicators of variation, matrix of matching coefficients of correlation, and analysis of time series. The author’s main contribution lies in the extensive use of statistical criteria for determining convergence of labor productivity (by means of correlating coefficients and variation rate). The author reveals that the convergence of labor productivity in the Russian Federation is weak. It is presented mainly in the industrial sector. Territorial convergence is absent. It testifies to the high resource dependence of the Russian economy and the need for investing into technologies, as well as revival of the capital asset fund due to expansion of the domestic production.
territorial convergence, growth rates, dynamic series, economic growth, correlation coefficients, indicators of variation, types of economic activities, convergence, Labor productivity, industry convergence
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