With the advent of Bitcoin and the spectacular rise of crypto-assets, blockchain technology is now rapidly expanding to the video gaming industry. This evolution is the result of two converging trends, the “gamification of DeFi” and the “financialization of games”. A new generation of...

Annuity contracts typically deliver a stream of income at a predetermined level in order to insure against the risk of longevity. This paper explores whether flexible annuities, which give subscribers the possibility to choose between different levels for their annuities, may be welfare...

This paper studies the optimal scoring of multiple choice tests in which the marks for wrong selection and omission jointly minimize the mean square difference between score and examinees' ability. I find that it is efficient to incentivize the lowest able to omit, except when the test has a...

I study the allocation problem of an investors who holds her portfolio until reaching a target wealth. The strategy suppresses final wealth uncertainty but creates a time horizon risk. I begin with a simple mean variance model transposed in the duration domain, then study a dynamic portfolio...

A novel theory of time discounting is proposed in which future consumption is less valuable than present consumption because of waiting costs. Waiting is intermittent as individuals' attention is periodically distracted away from future gratifications. The more individuals expect to pay...

A focused definition of present bias is proposed which takes preferences as primitives. A present biased individual overweights immediate costs and benefits relative to those occurring at any point in the future. The definition allows to sort out previous confounds, such as decreasing...

Do households holding risky financial securities tend to invest in the stock market, buying at the top and selling at the bottom? Do they reduce their risk exposure with age and especially when approaching retirement? We answer these questions using data on retirement savings contracts from a...