Structured financial products have gained more and more popularity in recent years, but nevertheless has their success so far notthoroughly been analyzed. In this article we develop a theoreticalframework for the design of optimal structured products and analyzethe maximal utility gain for an...

We present results from the rst large-scale international surveyon time discounting, conducted in 45 countries. Cross-country varia-tion cannot simply be explained by economic variables such as interestor ination rates. In particular, we nd strong evidence for culturaldierences, as measured by...

Evolutionary nance studies the dynamic interaction of investment strategies in nancialmarkets. This market interaction generates a stochastic wealth dynamics on aheterogenous population of traders through the uctuation of asset prices and theirrandom payos. Asset prices are endogenously...