Random sets might be considered from several possible viewpoints. A "Business-managerial" 'viewpoint' would prop the following definition : take all sets, list them and then pick one set from this list at random. An "Image analysis" 'viewp oint' would yield alternatively the following...

Es gibt eine wachsende Literatur zur ”verhaltensorientierten“bzw. ”psychologischen“ Spieltheorie. Die meisten dieser Ansätze beziehen verschiedeneVorstellungen von Fairness, Ungleichheitsaversion oder andere intrinsischeMotive in die Nutzenfunktion ein, um empirisch beobachtbare...

For two independent principles of intergenerational equity, the implied discount rate equals the growthrate of real per-capita income, say 2%, thus falling right into the range suggested by the U.S. Office ofManagement and Budget. To prove this, we develop a simple tool to evaluate small policy...

In the standard CAPM with a riskless asset we give a simple proof of existence of equilibria without assuming concavity of the investor's utility functions. Moreover, we give a uniqueness result using assumptions on the risk aversion of investors.

In the standard CAPM with a riskless asset we give a sufficient condition for uniqueness. This condition is a joint restriction on the agents´ endowments and their preferences which is compatible with non-increasing absolute risk aversion and which is inparticular satisfied with constant...

This paper analyzes optimal portfolio choice and consumption with stochastic volatility in incomplete markets.

This paper estimates a trivariate two-factor conditional version of the Intertemporal CAPM of Merton (1973).

This paper shows that preferences alone cannot explain the patterns reported in the literature.

The thesis at hand shows how to determine individual risk aversion with different discrete choice models, with gambles and jointly with both methods. The methods developed aim at allocating the investor's free part of wealth.

A computational economics model of managerial compensation is presented. Risk-averse managers are simulated, and shown to adopt more risk-taking under the influence of stock options. It is also shown that stock options can both help a new entrant compete in an established market; and can help...