Markowitz (1952) hat gezeigt, dass es für risikoaverse Wirtschaftssubjekte sinnvoll ist, das Vermögen auf verschiedene Anlageinstrumente zu verteilen. Doch erweist sich in der Praxis, dass Wirtschaftssubjekte häufig nicht-optimal diversifizierte Portfolios halten. Es gibt viele mögliche...

The first essay “Informational Asymmetries in Laboratory Asset Markets with State-Dependent Fundamentals” investigates the formation of market prices in a new experimental setting involving multi-period call-auction asset markets. In this paper, we are particularly interested in two...

This dissertation addresses different key elements in portfolio management. It intends to improve and analyze influences on portfolio strategies and their performance. Likewise, it aims at the systematization and extension of benchmark specifications as well as their effect on portfolio...

Es liegt in der Verantwortung von ökonomischen Entscheidungsträgern, Entscheidungen unter Unsicherheit zu treffen. Finanzmarktunsicherheit kann ökonomische Aktivität negativ beeinflussen. In diesem Sinn können Prognosen theoretisch einen ökonomischen Mehrwert liefern. Diese kumulative...

We investigate a market in which experts have a moral hazard problem because they need to invest in costly but unobservable effort to identify consumer problems. Experts have either high or low qualification and can invest either high or low effort in their diagnosis. High skilled experts are...

Markets for expert services are characterized by information asymmetries between experts and consumers. We analyze the effects of consumer information, where consumers suffer from either a minor or serious problem and only experts can infer the appropriate treatment. Consumer information is a...