Wyniki wyszukiwania - Biblioteka Nauki

1

Wpływ integracji z UE na polski system podatkowy

100%

Szczodrowski G.

Prace Naukowe / Akademia Ekonomiczna w Katowicach

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2001

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tom Systemy gospodarcze i ich ewolucja. Dokąd zmierza Polska?

233-261

XX

Zamieszczono ocenę polskiego systemu podatkowego. Omówiono problemy związane z opodatkowaniem dochodów z pracy najemnej i opodatkowaniem działalności gospodarczej.

EN

The author presents the assessment of Polish tax system and discusses the subject of hired labour income taxation as well as the economic activity taxation.(AŁ)

2

Parity Income and Development Possibilities of Farms in Poland

100%

Ziętara W.

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tom 22

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nr z. 2

237-245

XX

W artykule przedstawiono znaczenie dochodu z gospodarstwa z uwzględnieniem jego zdolności do rozwoju. Wykazano, że uzyskanie dochodu z gospodarstwa na poziomie parytetowym jest niewystarczające do określenia jego zdolności do rozwoju. Tych warunków nie spełnia także dochód z pracy. O zdolnościach rozwojowych gospodarstwa rolnego informuje relacja dochodu z gospodarstwa do umownych kosztów własnych czynników produkcji: pracy, ziemi i kapitału w formie wskaźnika konkurencyjności (Wk). Jego wartość w przedziale 1-1,9 wskazuje na zdolności konkurencyjne, a gdy osiąga wartość 2 i większą wskazuje na pełną konkurencyjność. Na podstawie danych z gospodarstw objętych monitoringiem FADN w 2017 roku, stwierdzono, że powierzchnia gospodarstw wyspecjalizowanych w uprawach polowych oraz w uprawie zbóż, oleistych i wysokobiałkowych na nasiona zdolnych do konkurencji (do rozwoju) wynosiła około 40 ha użytków rolnych (UR), natomiast w pełni konkurencyjnych 106 ha UR. Wielkość gospodarstw wyspecjalizowanych w uprawach warzywniczych i trwałych (sadowniczych) zdolnych do konkurencji wynosiła odpowiednio: 7 i 13 ha UR. Wielkość gospodarstw mlecznych zdolnych do konkurencji wynosiła około 25 ha UR i utrzymujących 21 krów, natomiast w pełni konkurencyjnych - 75 ha i utrzymujących 54 krowy. Wielkość gospodarstw trzodowych zdolnych do konkurencji wynosiła około 25 ha UR i utrzymujących 26 loch, natomiast w pełni konkurencyjnych 40 ha UR i utrzymujących 37 loch. Wielkość gospodarstw w typie "mieszane" zdolnych do konkurencji wynosiła 39 ha UR, w których utrzymywano średnio 4 krowy i 7 loch, natomiast w pełni konkurencyjnych 79 ha UR i w których utrzymywano 8 krów i 11 loch. ch, natomiast w pełni konkurencyjnych 40 ha UR i utrzymujących 37 loch. Wielkość gospodarstw w typie "mieszane" zdolnych do konkurencji wynosiła 39 ha UR, w których utrzymywano średnio 4 krowy i 7 loch, natomiast w pełni konkurencyjnych 79 ha UR i w których utrzymywano 8 krów i 11 loch.(abstrakt oryginalny)

EN

The article presents the importance of farm income, taking the farm's ability to develop into account. It has been demonstrated that achieving farm income at a parity level is insufficient to determine the farm's ability to develop. These requirements are also not met by labour income. What informs about a farm's development ability is the ratio of farm income to conventional costs of own production factors: labour, land and capital in the form of the competitiveness index (Wk). Its value from 1 to 1.9 points to a competitive capacity and when it reaches 2 and more, it points to full competitiveness. Based on the data from farms covered by FADN monitoring in 2017, it was found that the farm area specialising in field crops and the cultivation of cereals, oilseeds and protein crops for seeds and being able to compete (to develop) was about 40 ha of utilised agricultural area (UAA), while in the case of fully competitive farms it was 106 ha. The size of farms specialising in vegetable and permanent (fruit-growing) crops and able to compete was 7 and 13 ha of UAA, respectively. The size of dairy farms able to compete was about 25 ha of UAA and 21 cows, while the size of fully competitive farms - 75 ha and 54 cows. The size of pig farms able to compete was about 25 ha of UAA and 26 sows, while the size of fully competitive farms - 40 ha of UAA and 37 sows. The size of "mixed" farms able to compete was 39 ha of UAA and, on average, 4 cows and 7 sows, while the size of fully competitive farms - 79 ha of UAA, 8 cows and 11 sows.(original abstract)

3

On the Optimal Labor Income Share

100%

Growiec J. , McAdam P. , Mućk J.

Collegium of Economic Analysis SGH - Working Papers

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2018

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nr nr 31

35

EN

Labor's share of income has attracted interest in recent years reflecting its apparent decline. These falls, witnessed across many countries, are usually deemed undesirable. Any such assertion, however, begs the question of what is the socially optimal labor share. We address this question using a micro-founded endogenous growth model calibrated on US data. We find that in our central calibration the socially optimal labor share is 17% (11 pp) above the decentralized equilibrium, calibrated to match the average observed in history. We also study the dependence of both long-run growth equilibria on model parameters and relate our results to Piketty's "laws of Capitalism". Finally, we demonstrate that cyclical movements in factor income shares are socially optimal and that the decentralized equilibrium typically does not generate excess volatility. (original abstract)

4

To Work more or Less? The Impact of Taxes and Life Satisfaction on the Motivation to Work in Continental and Eastern Europe

100%

Nadirov O. , Aliyev K. , Dehning B.

Economics & Sociology

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2017

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tom 10

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nr nr 3

266-280

EN

Using country-level data from 2000-2013, we test the relationship between life satisfaction (measured as how people evaluate their life as a whole rather than their current feelings) and the motivation to work (measured as aggregate hours of work). Our hypothesis is that even after controlling for average labor income tax rates in countries with high and low average hours worked, there is a significant negative association between the motivation to work and life satisfaction. The main findings of this paper are that the increase in the motivation to work per employee comes at the expense of life satisfaction, and differences in average tax rates on labor income cannot account for differences in time allocation. Once life satisfaction is included, the hypotheses of previous neoclassical economic studies are almost irrelevant in determining the response of market hours to higher average tax rates on labor income. In line with our assumption, we find a negative relationship between life satisfaction and the motivation to work in the cross-country examinations. In countries with the highest hours worked (Hungary, Estonia), wealth is generally preferred to leisure and in countries with the lowest hours worked (France, Germany), leisure is preferred to wealth. (original abstract)

5

Shifting from Labor to Consumption Taxes: The Impact on Tax Revenue Volatility

100%

Jędrzejowicz T. , Sławińska K.

Gospodarka Narodowa

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2014

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nr nr 6

81-101

XX

Celem artykułu jest wyznaczenie długo- i krótkookresowych elastyczności wpływów podatkowych względem ich bazy podatkowej oraz sprawdzenie występowania asymetrii w tempie dostosowań a także krótkookresowych odchyleniach od stanu równowagi. Badanie obejmuje dwie najważniejsze kategorie podatków w Polsce - podatek od wartości dodanej oraz składki na ubezpieczenia społeczne - w latach 1999-2013. Otrzymane wyniki wskazują, że elastyczności długookresowe dla obydwu kategorii podatków są bliskie jedności. Ponadto elastyczności krótkookresowe oszacowane na podstawie asymetrycznego modelu korekty błędem oraz regresji rolowanej wskazują na większą wahliwość wpływów z podatku VAT. Zatem wzrost obciążenia podatkami konsumpcyjnymi prowadzi do większej podatności finansów publicznych na wahania związane z cyklem gospodarczym. (abstrakt oryginalny)

EN

This paper provides estimates of tax revenues with respect to their individual tax bases, focusing on differences between long- and short-run elasticities and allowing for asymmetries in the speed of adjustment as well as in short-run volatility. Estimates are presented for two major tax categories in Poland: value added tax, and employer and employee social contributions for the 1999-2013 period. Our results indicate that long-run elasticities are close to unity. An analysis of short-run elasticities based on considering their asymmetric responses to economic fluctuations, complemented by a rolling regression exercise, suggests that VAT revenues are subject to greater volatility. Therefore, a shift in taxation from labor income to consumption increases the sensitivity of public finances to the business cycle. (original abstract)

6

Interrelations between Consumption and Wealth in Poland

100%

Zachłod-Jelec M.

Central European Journal of Economic Modelling and Econometrics (CEJEME)

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2010

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tom 2

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nr nr 1

37-58

EN

This paper studies the long-run relationship between consumption, labour income and asset wealth in Poland. Within cointegrated VAR model dynamic responses of the variables in the system to shocks are studied. In addition, series are decomposed into permanent and transitory components on the basis of the cointegrating relation found in the system. Main conclusion of this paper is that deviations of the three variables from their estimated long-run relationship are better explained with fluctuations of labour income than assets. A tentative explanation of this finding is presented. Additionally, the magnitude of the asset wealth effect in Poland is calculated and compared with other studies for European countries and for the U.S. (original abstract)

7

Aktywizacja zawodowa niepełnosprawnych w świetle zmian systemowych na rynku pracy w Polsce

100%

Nowak-Lewandowska R.

Studia Ekonomiczne / Uniwersytet Ekonomiczny w Katowicach

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2013

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nr nr 145 Systemy gospodarcze i ich ewolucja : aspekty makro- i mezoekonomiczne

221-230

XX

Celem opracowania jest prezentacja głównych zmian w zatrudnianiu osób niepełnosprawnych oraz analiza ich wpływu na poziom aktywności zawodowej tej grupy osób. Tak sformułowany cel pozwoli na wstępną ocenę skuteczności wprowadzanych zmian ustawowych i wskazanie dalszych kierunków działań w tym zakresie. (fragment tekstu)

EN

Professional work is a very important in a handicapped person's life. It provides a labour income, personal fulfillment and a job satisfaction, but it is also the only chance to stay in contact with other people. Work plays the essential socialization function (in addition to the income and the rehabilitation function). For the economy professional activity of handicapped people means a better use of human capital and improvement of the rationality of limited public funds. The aim of this article is the presentation of employment changes of people with handicaps and the analysis of their effect on the activity level of this group. The author takes into account the situation on the open and protected labour market as well as indicates the activation methods used for handicappers. (original abstract)

8

On Efficient Taxation

100%

Dudek M. K.

Studia Ekonomiczne / Polska Akademia Nauk. Instytut Nauk Ekonomicznych

|

2014

|

nr nr 3 (82)

295-313

XX

W artykule przedstawiono rozwiązanie problemu efektywnego opodatkowania - prowadzącego do minimalizacji straty pustej, nałożonej na społeczeństwo. W szczególności w artykule wykazano, iż efektywna funkcja opodatkowania przyjmuje postać funkcji schodkowej. Dodatkowo pozwalamy na modyfikacje podstawowego problemu i pokazujemy, że kluczowy rezultat, iż efektywna funkcja opodatkowania przyjmuje postać funkcji schodkowej pozostaje w mocy. (abstrakt oryginalny)

EN

We solve an often neglected problem of efficient taxation where the policy maker is interested in minimizing the dead weight burden imposed on the society by labor income taxes. Specifically, we argue that the efficient tax function assumes the form of a step function. Furthermore, we allow the policy maker to exhibit aversion toward inequality and show that the key result holds, i.e., that the tax function that ensures efficiency is locally flat. (original abstract)

9

Political Economy of the Coup d'État in Brazil

100%

Dantas A. , Jabbour E.

Problemy Zarządzania

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2017

|

nr vol. 15, nr 3 (70), cz. 2 Polish-Brazilian Experiences in Economy and Management: Recent Trends

105-114

XX

Celem artykułu jest wykazanie, że kryzys polityczny w Brazylii, którego kulminacja nastąpiła w momencie usunięcia z urzędu prezydent Dilmy Rousseff, nie jest bezpośrednim skutkiem kryzysu gospodarczego, lecz konsekwencją szerokiej koalicji grup biznesowych, partii opozycyjnych oraz mediów o wpływach w samym sercu aparatu państwowego. Koalicja polityczna nabrała tego konserwatywnego charakteru w ramach procesu niwelowania pozytywnych wyników związanych z rosnącą rolą państwa w gospodarce oraz jej wpływu na zatrudnienie, dochody siły roboczej oraz dobrobyt pracowników brazylijskich. Kryzys gospodarczy jest zatem epifenomenem kryzysu politycznego w postaci blokady produkcyjnej (produkcji i inwestycji), która doprowadziła do wzrostu wskaźnika długu do PKB, inflacji, bezrobocia, a zwłaszcza do ujemnego wzrostu PKB. (abstrakt oryginalny)

EN

The aim of this paper is to demonstrate that the Brazilian political crisis that culminated in the impeachment of President Dilma Rousseff is not a direct result of the economic crisis, but a consequence of a broad coalition involving business groups, opposition parties and media with influence in the heart of the state apparatus. The formation of this conservative character of political coalition was part of a process to cut off positive results related to the growing role of the state in the economy and its consequence on employment, labor income and the welfare of Brazilian workers. The economic crisis, therefore, is an epiphenomenon of the political crisis, in the form of productive lockout (production and investments) with effect in a growing debt-to-GDP relation, rising inflation, level of unemployment and, especially, the negative GDP growth. (original abstract)

10

Income inequality as part of new economic and social conditions of business

100%

Kuzmišinová V.

Społeczeństwo i Edukacja. Międzynarodowe Studia Humanistyczne

|

2013

|

nr nr 2

417-429

EN

The allocation of revenues / incomes is a key factor in the functioning of every socio economic system. Problem, even considerable risk of significant property and the income inequality lies in the fact that this would mortify capital and does not get into the economic cycle. Dangerous is that income inequality is understood (forces to be accepted) as a static and necessarily acceptable phenomenon of the current socio-economic system. The deepening income inequality is the cause of many negative issues of the contemporary world. World inequality (growing disparity in capital and labour income) obtains enormous proportions and has a growing trend, thereby it increases the volume and strength of its negative consequences, such as: economically unjustified concentration of capital and assets in the hands of individual layers of society, economically unjustifiable and unsustainable disparity between wealth growth and deepening inequality of its distribution, disregard for the principles of merit and non-discrimination within the manner and form of distribution and redistribution in society, narrowing the space for the recovery of capital surplus, increasingly deformed structure of production and consumption, unprecedented expansion of the financial sector; virtual demand generated by the expanding financial sector , excessive production capacities, increase of regional disparities, increasing economic and political power of TNK, increase of deficit of public finance; shifting of state costs to the citizens (health, education, social care, etc.), permanent income freezing of the majority of the population, growth in the number of people in poverty, escape of firms from paying social and fiscal payables, insufficient effective demand at real economy, corruption, excessive growth of government and household indebtedness, unemployment, inadequate position of people at the labour market, devastation of the environment, the decline of moral and value orientation in people's behaviour and in the functioning of society, decline of the birth rate, aging of population, social, economic and political instability, susceptibility of the society to social and economic shocks, etc. These facts also represent new economic and social conditions for business. (author's abstract)

11

Peculiarities of Labour Income Taxation in the Baltic States

100%

Skačkauskienė I.

|

tom 1

|

nr nr 4 Modern Challenges for Business and Economy in CEE Countries

57-69

EN

Objective: The main objective of the paper is to analyse the peculiarities of the taxation of labour income in the Baltic States (Lithuania, Latvia and Estonia). Research Design & Methods: The influence of the basic tax elements on the evaluation of the level of labour income taxation was investigated. The comparative and logical analysis of statistical data and literature was performed and synthesis methods were applied. During the research, Latvia and Estonia, the countries closely related to Lithuania, have been compared. Findings: The labour income taxation (with personal income tax, social security and compulsory health insurance) in Lithuania is the lowest when compared with labour income taxation in Latvia and Estonia. Implications & Recommendations: The results of the research have shown that the comparison of the basic tax indicators, such as non-taxable minimum income and standard rates, only partially describe the national level of the labour income taxation. A more accurate description of the tax level could be provided only after applying ratios and evaluating such factors as tax base and tax exemptions. Contribution & Value Added: The paper delivers new empirical evidence on labour income taxation in different countries. (original abstract)

12

Aksjomatyczna analiza nierówności społecznych i sprawiedliwości dystrybutywnej kontekst ewolucyjny

80%

Malawski A.

Nierówności Społeczne a Wzrost Gospodarczy

|

2003

|

nr z. nr 1

151-159

XX

W artykule przedstawiono analizę nierówności ekonomicznych i sprawiedliwości dystrybutywnej prowadzonej w dynamicznej teorii równowagi Arrowa-Debreu. Omówiono model ekonomii Debreu z własnością prywatną, koncepcję sprawiedliwości Rawlsa oraz dynamiczny model sprawiedliwości dystrybutywnej.

EN

The problem of social inequalities and distributive justice is discussed within Arrow-Debreu general equilibrium theory, or more precisely, in the axiomatic model of a Debreu private ownership economy. There are three sources of differences between consumers to be identified: their labour incomes, as well as their shares in both producers profits and total resources of the economy. The respective inequalities are studied in a static approach so that the analysis is focused on the position of the worst-off agents, o, the study is related to the Rawlsian concept of distributive justice. Moreover, the dynamic version of the Debreu model is applied which is based on the qualitative theory of dynamical systems. This enables us to model some dynamic aspects of social inequalities within the Schumpeterian evolutionary economics. The dynamics to be constructed models the Schumpeterian circular flow and it preserves the initial level of distributive justice in question. (original abstract)

13

Obciążenia fiskalne rodzin w Polsce na tle państw UE

80%

Russel P.

Studia BAS

|

2016

|

nr nr 1 (45) Polityka wobec rodziny w Polsce

113-133

XX

Zasadniczym celem niniejszego artykułu jest przeprowadzenie analizy, na ile polski system podatkowy wspiera rodziców w wychowywaniu ich dzieci poprzez zróżnicowanie sytuacji gospodarstw domowych, które podejmują wysiłek organizacyjny i finansowy niezbędny do prawidłowego wychowania przyszłych pokoleń Polaków. W artykule zaprezentowane zostaną obciążenia dochodów na przykładzie najliczniejszej grupy podatników rozliczających się z fiskusem według skali podatkowej, zakres bezpośredniego wsparcia finansowego, na jakie może liczyć rodzina w Polsce, jak również obciążenia fiskalne rodzin podatkami pośrednimi.(fragment tekstu)

EN

The paper discusses selected issues related to fiscal burden placed on the Polish families in light of concerns over Poland's falling fertility rate which belongs to the lowest in the UE and the world. The author claims that one of the major reasons for that is an inefficient support to the families with children. This article analyses whether the fiscal system in Poland distinguishes people who bear significant costs associated with raising children. It presents Poles' tax burden on labour income through the example of the largest group of taxpayers paying taxes under the relevant income tax scale, the scope of direct financial support to Polish families, as well as their fiscal burden associated with direct taxes.(original abstract)

14

Makroekonomiczne uwarunkowania dynamiki dochodów z pracy i emerytur w Polsce (2010-2035)

80%

Ochocki A.

Acta Universitatis Lodziensis. Folia Oeconomica

|

2021

|

nr vol. 5, t. 356

13-25

XX

Celem artykułu jest wskazanie makroekonomicznych uwarunkowań dynamiki dochodów z pracy i emerytur w Polsce w latach 2010-2019 wraz z prognozą studialną do 2035 roku. Źródłem danych są rachunki narodowe, statystyka ludności, statystyka świadczeń emerytalnych, prognoza demograficzna Głównego Urzędu Statystycznego i prognoza emerytalna Zakładu Ubezpieczeń Społecznych. Demograficzne starzenie się społeczeństwa powoduje narastanie problemu podziału bieżącego strumienia dóbr i usług wytwarzanych w procesie gospodarczym. Możliwości w tym zakresie są zdeterminowane relacjami dynamiki liczebności pracujących i emerytów oraz dynamiki wolumenu dochodu narodowego. Wynikające stąd zależności można opisać za pomocą modelu międzypokoleniowej redystrybucji dochodów (MMRD). (skrócony abstrakt oryginalny)

EN

The aim of the article is to indicate the macroeconomic conditions which determined the dynamics of remuneration and pension growth in Poland in 2010-2019, along with presenting the study forecast until 2035. The research was based on the data from the national accounts, population statistics, statistics of retirement benefits, demographic forecast of Statistics Poland and forecast of retired population worked out by ZUS. The demographic ageing of society leads to the growing problem of distribution of the current stream of goods and services produced in the economic process. The possibilities in this respect are determined by the relations between dynamics of the number of employed persons, number of pensioners and the volume of national income. The resulting dependencies can be described using the Intergenerational Income Transfer Model (IITM). (short original abstract)

15

Income Inequality as Part of New Economic and Social Conditions of Business. Income Inequality as a Today's Phenomenon

80%

Kuzmišinová V.

Humanum. Międzynarodowe Studia Społeczno-Humanistyczne

|

2013

|

nr nr 11 (2)

139-149

EN

The allocation of revenues / incomes is a key factor in the functioning of every socio economic system. Problem, even considerable risk of significant property and the income inequality lies in the fact that this would mortify capital and does not get into the economic cycle. Dangerous is that income inequality is understood (forces to be accepted) as a static and necessarily acceptable phenomenon of the current socioeconomic system. The deepening income inequality is the cause of many negative issues of the contemporary world. World inequality (growing disparity in capital and labour income) obtains enormous proportions and has a growing trend, thereby it increases the volume and strength of its negative consequences, such as: economically unjustified concentration of capital and assets in the hands of individual layers of society, economically unjustifiable and unsustainable dis-parity between wealth growth and deepening inequality of its distribution, disregard for the principles of merit and non-discrimination within the manner and form of distribution and redistribution in society, narrowing the space for the recovery of capital surplus, increasingly deformed structure of production and consumption, unprecedented expansion of the financial sector; virtual demand generated by the expanding financial sector , excessive production capacities, increase of regional disparities, increasing economic and political power of TNK, increase of deficit of public finance; shifting of state costs to the citizens (health, education, social care, etc.), permanent income freezing of the majority of the population, growth in the number of people in poverty, escape of firms from paying social and fiscal payables, insufficient effective demand at real economy, corruption, excessive growth of government and household indebtedness, unemployment, inadequate position of people at the labour market, devastation of the environment, the decline of moral and value orientation in people's behaviour and in the functioning of society, decline of the birth rate, aging of population, social, economic and political instability, susceptibility of the society to social and economic shocks, etc. These facts also represent new economic and social conditions for business.(original abstract)

16

Duality in Optimization Financial Problems

80%

Nguyen T. L.

Monografie i Opracowania / Szkoła Główna Handlowa

|

2003

|

nr nr 520

197

EN

The first part of the monograph deals with the more classical concepts and results of duality methods in continuous-time context, developed over the last ten years. The second part, devoted to the semimartingale framework, is more subjective, less standard, and with a special emphasis put on recently developed models. The outline of the monograph is organized as follows. Chapter 1 solves the problem maximizing the expected utility of consumption over the planning horizon, or to maximize the expected utility wealth at the end of the planning horizon, or to maximize some combination of these quantities. The agent under consideration is a small investor in the sense that his actions does not influence to market prices. The market is assumed to be a continuous-time and complete. In Chapter 2, the stochastic control problem of maximizing expected utility from terminal wealth and consumption process, when the portfolio is constrained, is studied We still keep the existing setting, that is, the asset prices follows continuous-time, Ito processes. General existence results are established for optimal consumption plans, by suitable embedding the constrained problem in an appropriate family of unconstrained ones, and finding a member of this family for which the corresponding optimal policy obeys the constraints. Chapter 3 presents a unified, simple and very effective "trick" to derive the dual form of the original problem, which works in a wide range of cases. Explicit results for some] well-known problems are provided, and it is shown how to use this method in order to derive more simply results of the considered examples. Chapter 4 studies the problem of maximizing expected utility of terminal wealth in the framework of a general incomplete semimartingale model of a financial market. The necessary and sufficient condition on a utility function for the existence the optimal solution is, either the requirement that the asymptotic elasticity of the utility function is strictly less then, or the value function of the dual problem is finite. Chapter 5 analyzes the stochastic optimization problem under constraints in a general framework, including financial models with constrained portfolios, labor income and large investor models. We also impose American type constraint on the state space process. General objective functions including deterministic or random utility functions and shortfall risk loss functions, as well as the utility function of a consumption rate process, are considered. We first prove existence and uniqueness result to this optimization problem. In a second part, we develop a dual formulation under minimal assumptions on the objective functions (eventually also establish a new probability space), which are the analogue of the asymptotic elasticity. Chapter 6 analyzes the same problem described in Chapter 5, however, with state processes of a different stochastic structure. Here, the convex constraints are formulated not in terms of the integrands but in terms of its proportions. From the viewpoint of finance, it means that the convex constraints are not imposed on the amount or share of risky invested assets but on the proportions of portfolio. In this chapter, the general optional decomposition under constraints in multiplicative form is employed in place of its version in additive form, which is used in Chapter 5. Concluding Remarks are offered in the last chapter. In Appendix, we introduce some important results, which are frequently used throughout the monograph, like the properties of the asymptotic elasticity, the optional decomposition under constraints (both in additive and multiplicative form). For completeness, we also prove a stochastic control lemma of the optional decomposition under multiplicative form, which was given without proof in Follmer and Kramkov (1997). (fragment of text)