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Opportunity Sets and the Measurement ofInformation

Bossert, Walter - University <Nottingham> / Department of Economics - 1998

This paper provides an axiomatic approach to the problem of measuring the informationcontained in opportunity sets. In many choice situations, the items that can be selectedfrom an opportunity set (the objects of choice) do not coincide with the consequencesthey induce (the objects a...

Persistent link: https://www.econbiz.de/10005869347

Estimating Investment Equations in Imperfect Capital Markets

Hüttel, Silke; Mußhoff, Oliver; Odening, Martin; … - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2008

Numerous studies have tried to provide a better understanding of firm-level investment behaviour using econometric models. The model specification of more recent studies has been based on two main approaches. The first, the real options approach, focuses on irreversibility and uncertainty in...

Persistent link: https://www.econbiz.de/10005860740

From Animal Baits to Investors´ Preference: Estimating and Demixingof the Weight Function in Semiparametric Models for Biased Samples

Ritov, Ya’acov; Härdle, Wolfgang - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2007

We consider two semiparametric models for the weight function in a biased sample model. The object of our interest parametrizes the weight function, and it is either Euclidean or non Euclidean. One of the models discussed in this paper is motivated by the estimation the mixing distribution of...

Persistent link: https://www.econbiz.de/10005861031

Do Individuals Recognize Cascade Behavior of Others? - An Experimental Study -

Grebe, Tim; Schmid, Julia; Stiehler, Andreas - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2006

In an information cascade experiment participants are confronted with artificial predecessors predicting in line with …

Persistent link: https://www.econbiz.de/10005861239

Investment Guarantees in Unit-linked Life Insurance Products : Comparing Cost and Performance

Gatzert, Nadine; Schmeiser, Hato - Institut für Versicherungswirtschaft <Sankt Gallen> - 2007

In this article we identify risk and return profiles of two types of investment guaranteesin unit-linked life insurance … havingaverage rate of return and standard deviation over the contract term with a ConstantProportion Portfolio Insurance managed …

Persistent link: https://www.econbiz.de/10005861477

Does the Choice of Performance Measure Influence the Evaluation of Hedge Funds?

Eling, Martin; Schuhmacher, Frank - Institut für Versicherungswirtschaft <Sankt Gallen> - 2006

The Sharpe ratio is adequate for evaluating investment funds when the returns ofthose funds are normally distributed and the investor intends to place all his risky assetsinto just one investment fund. Hedge fund returns differ significantly from anormal distribution. For this reason, other...

Persistent link: https://www.econbiz.de/10005861515

Getting Used to Risks: Reference Dependence and Risk Inclusion

Matthey, Astrid - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2005

acceptance of this risk without any new information becoming available or people's tastes changing. We term this the …

Persistent link: https://www.econbiz.de/10005861980

Conditional and Dynamic Convex Risk Measures

Detlefsen, Kai; Scandolo, Giacomo - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2005

We extend the definition of a convex risk measure to a conditionalframework where additional information is available …

Persistent link: https://www.econbiz.de/10005862331

Individual-Level Loss Aversion in Riskless andRisky Choices

Gächter, Simon; Johnson, Eric J.; Herrmann, Andreas - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2007

Loss aversion can occur in riskless and risky choices. Yet, there is no evidence whetherpeople who are loss averse in riskless choices are also loss averse in risky choices. Wemeasure individual-level loss aversion in riskless choices in an endowment effect experimentby eliciting both WTA and...

Persistent link: https://www.econbiz.de/10005862335

Is Default Risk Acceptable When Purchasing Insurance? Experimental Evidence for Different Probability Representations, Reasons for Default, and Framings

Gründl, Helmut; Zimmer, Anja; Schade, Christian - Universität <Berlin, Humboldt-Universität> / Dr. … - 2008

We experimentally analyze consoumers' reaction to insurance default risk. Consistent with eralier studies, we find that … insurance with default risk is extremely unattractive to most individuals. A considerable fraction of consumers completely … refuse to accept any default risk; others ask for large reductions in insurance premiums. These findings are robust against …

Persistent link: https://www.econbiz.de/10005863282