three-months intervals for their willingness to take risk, three-months expectations of returns and risks for the market and … their own portfolio, and self-reported risk attitude. This unique dataset allowed us to analyze how these variables changed … over time, and whether changes in risk taking were related to changes in expectations and/or risk attitudes. Risk taking …

Portfolio choice is usually modelled by von Neumann-Morgenstern utility. Risk-value models are more general and permit … the derivation of risk-value efficient frontiers. A behaviorally based risk measure with an endogenous or exogenous … benchmark is used to derive efficient portfolios and to analyse the implied equilibrium asset pricing. In risk-value models a …