To explain the strategic dimension in pricing options, it will be helpful to go back to the heart of the idea behind the concept of an option: options open up the possibility to postpone current decisions to a future point of time. Because of this flexibility additional information and new...

Basel II changes risk management in banks strongly. Internal rating procedures would lead one to expect that banks are changing over to active risk control. But, if risk management is no longer a simple "game against nature", if all agents involved are active players then a shift from a...

The mainstream model of option pricing is based on an exogenously given process of price movements. The implication of this assumption is that price movements are not affected by actions of market participants. However, if we assume that there are indeed impacts on the price movements it no...

Agency-Beziehungen und Kontrakt-Design Die Arbeit beschäftigt sich mit dem Kontrakt-Design, welches zur Lösung eines einfachen Prinzipal-Agenten-Problems nötig ist. Letztlich geht es um die Möglichkeit einer wirksamen Kontrolle: Wie kann ein besser informierter Agent durch einen weniger gut...