Pragmatic-world nominal riskless rates are non-negative. However, conventional arbitrage theory has yet to develop a theoretical justification of this phenomenon. – We define the null-alternative cash as an investor holding onto cash and refraining from investment and consumption ("doing...

Private investors have limited time available for learning about stocks as they need to divide their time between stock analysis and work. This paper analyzes the influence of learning constraintsin the form of time constraints on portfolio selection and derives both optimal portfolio holdings...

Today's primarily mathematically oriented arbitrage theory does not address some economically important aspects of pricing. These are, first, the implicit conjecture that there is 'the' price of a portfolio, second, the exact formulation of no-arbitrage, price reproduction, and positivity of the...

Private investors have limited time available for learning about stocks as they need to divide their time between stock analysis and work. This paper analyzes the influence of learning constraintsin the form of time constraints on portfolio selection and derives both optimal portfolio holdings...

In order to estimate individuals' risk-attitudes of economic migrants a static one-period decision model is developed and applied to U.S. interstate migration data. Risk-attitudes are estimated by non-linaer optimiziation. It turns out that economic migrants are significantly risk-averse in...

Today's primarily mathematically oriented arbitrage theory does not address some economicallyimportant aspects of pricing. These are, rst, the implicit conjecture that thereis \the" price of a portfolio, second, the exact formulation of no{arbitrage, price reproduction,and positivity of the...

Die vorliegende Arbeit versucht, die zentralen ökonomischen Aussagen der Bewertungstheorie in einem einfachen einperiodigen Modell darzustellen.

Harvey (2017) and The American Statistical Association (2016) point out that business decisions should not be based only on whether the p-value of an empirical model passes a specific threshold and that statistical significance (p-value) cannot measure the size of an effect or the importance of...