Browsing by Author "Bernardes, Luis G."
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- "Prospect theory" e a velocidade ideal da liberalização económica: uma análise crítica das conclusões do banco mundialPublication . Bernardes, Luis G.Based on the economic transition taking place in Eastern Europe, the recent study of the World Bank concludes that the ideal strategy of liberalization consists in the shock-therapy. This work also rejects gradualist policies followed by some countries. ln this article, I base myself on a previous theoretical work in which I have discussed this topic in view of an alternative model of behaviour called "Prospect Theory". This article aims to show how the empirical study of the World Bank is inaccurate. ln it I present preliminary data which support the conclusions of that theoretical work as well as suggest that economic efficiency reasons may explain why some countries have been preferring gradual reforms.