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On the interaction of risk and time preferences : an experimental study

Anderhub, Vital; Genîzî, Ûrî; Güth, Werner; … - 1999

Experimental studies of risk and time-preference typically focus on one of the two phenomena. The goal of this paper is … to investigate the (possible) correlation between subjects' attitude to risk and their time-preference. For this sake we … the subjects for the three lotteries, we test how time and risk preferences are interrelated. Since the time interval …

Persistent link: https://www.econbiz.de/10009581107

Probabilistic aspects of financial risk

Föllmer, Hans - 2000

Problems arising in Finance have become a significant source of new developments in Stochastic Analysis. We discuss some recent case studies, in particular some decomposition and representation theorems which are motivated by problems of hedging derivatives and of intertemporal consumption choice.

Persistent link: https://www.econbiz.de/10009612020

Everyday representations of tax avoidance, tax evasion, and tax flight : do legal differences matter?

Kirchler, Erich; Maciejovsky, Boris; Schneider, Friedrich - 2001

From an economic point of view, legal considerations apart, tax avoidance, tax evasion and tax flight have similar effects, namely a reduction of revenue yields, and are based on the same desire to reduce the tax burden. Due to legal differences and moral concerns it is, however, likely that...

Persistent link: https://www.econbiz.de/10009614298

Mental accounting and the impact of tax penalty and audit frequency on the declaration of income : an experimental analysis

Maciejovsky, Boris; Kirchler, Erich; Schwarzenberger, … - 2001

loss that one tries to "repair" by risk seeking behavior. Participants who increased their net asset holdings declared less …

Persistent link: https://www.econbiz.de/10009613619

A psychological approach to individual differences in intertemporal consumption patterns

Brandstätter, Hermann; Güth, Werner - 1998

When people decide about saving and consumption across the various periods of their life time they take into account their life expectancy when comparing present and future needs and resources for satisfying them. The experimental design, applied at two sites (Humboldt-University at Berlin and...

Persistent link: https://www.econbiz.de/10009578010

Non-time additive utility optimization : the case of certainty

Riedel, Frank; Bank, Peter - 1998

We study the intertemporal utility maximization problem for Hindy-Huang-Kreps utilities. Necessary and sufficient conditions for optimality are given. An explicit solution is provided for a large class of utility functions. In particular, the case of separable power utilities with a finite time...

Persistent link: https://www.econbiz.de/10009578558

Heterogeneous time preferences and interest rates : the preferred habitat theory revisited

Riedel, Frank - 1999

The influence of heterogeneous time preferences on the term structure is investigated. Motivated by the Preferred Habitat Theory of Modigliani and Sutch, a model for intertemporal preferences accounting for preferred habitats is proposed. In a heterogeneous world, preferred habitats can explain...

Persistent link: https://www.econbiz.de/10009579171

Optimal consumption choice for ratchet investors

Riedel, Frank - 2001

The utility maximization problem of "ratchet investors" who do not tolerate any decline in their consumption rate is solved explicitly for all felicity functions in a Markovian framework which includes Brownian motion and Poisson processes as special cases. The optimal consumption plan turns out...

Persistent link: https://www.econbiz.de/10009616776

Optimal consumption choice under uncertainty with intertemporal substitution

Bank, Peter; Riedel, Frank - 1999

generated by a Lévy process and agents exhibit constant relative risk aversion, closed-form solutions are derived. Depending on …

Persistent link: https://www.econbiz.de/10009581101

Existence and structure of stochastic equilibria with intertemporal substitution

Bank, Peter; Riedel, Frank - 2000

We prove existence of an Arrow-Debreu equilibrium when agents' preferences exhibit local substitution in the sense of Hindy, Huang, and Kreps (1992). Efficient allocations and supporting price functionals are identified and characterized. Under Hindy Huang Kreps preferences, equilibrium price...

Persistent link: https://www.econbiz.de/10009612019