In this paper we investigate four hypotheses which are inconsistent with expected utility theory, but may well be explained by prospect theory. It deals with framing, the non-linearity of subjective probabilities, the disposition effect, and the correspondence of different experimental risk...

We study banks' incentive to pool assets of heterogeneous quality when investors evaluate pools by extrapolating from limited sampling. Pooling assets of heterogeneous quality induces dispersion in investors' valuations without affecting their average. Prices are determined by market clearing...

Interacting agents in finance represent a behavioral, agent-based approach in which financial markets are viewed as complex adaptive systems consisting of many boundedly rational agents interacting through simple heterogeneous investment strategies, constantly adapting their behavior in response...

Managing the information flow within a big organization is a challenging task. Moreover, in a distributed decision-making process conflicting objectives occur. In this paper, artificial adaptive agents are used to analyze this problem.(...)

This paper discusses the necessity of models including complex adaptive systems in order to eliminate the shortcomings of neoclassical models based on equilibrium theory.

Probleme/Forschungsfragen:Ein stetiger Komplexitätsanstieg des Produktes und der Produktentwicklungsumgebung erschweren in Wertschöpfungspartnerschaften das Erreichen einer gemeinsamen Win-Win-Situation. Bei der frühen Erarbeitung der Produktauslegung oder im Rahmen der...

Die Relevanz der Konstruktionsweise von Gütern hat in den vergangenen Jahren verstärkte Beachtung in der ökonomischen Literatur gefunden. Insbesondere die Konsequenzen einer modularen Gestaltung von Produkten rückten dabei in den Vordergrund. Dabei wird meist davon ausgegangen, dass sich aus...