We report a surprising property of u-o-preferences: the assumption of nonincreasing relative risk aversion implies the optimal portfolio being riskless. We discuss a solution of that paradox in detail. (JEL D80, G11, D10).

(...) We provide support for the disposition effect. Participants who experience a gain sell their assets more rapidly than participants who experience a loss, and positively framed subjects generally sell their assets later than negatively framed subjects.

This paper focuses on egocentric biases in financial decisions. Subjects first design a portfolio, whereby each combination of assets yields the same expected return and variance of returns. (...)

We examine the coexistence of banks and financial markets, studyinga credit market where the qualities of investment projects are notobservable and the investment decisions of entrepreneurs are not contractible...

Our aim is to give an axiomatization of preferences over infinite consumptionstreams. At first we adopt the additive case, and give a characterization of pref-erences which satisfy patience (Marinacci (1998)) or equivalently what Diamond(1965) named equal treatment of all generations. We then...

“Production” and “transfer” of knowledge, and the role of institutions, are two major conceptual tenets of Innovation Systems (IS) literature, which flourished in the evolutionary stream of economics since the eighties of last century. Building on results of different disciplines, the...

We examine associations of mass media and information and communicationstechnologies (ICT) as knowledge-based infrastructures on some economicdevelopment outcomes. We .nd that several mass media and ICT penetration variablesare negatively associated with three development outcomes: corruption,...

Building on the philosophy of Charles Sanders Peirce, recent advances in biosemiotics haveresulted into a concise framework for the analysis of signs in living systems. This paper exploresthe potential for economics and shows how biosemiotics can integrate two differentresearch agendas, each of...

Sometimes we believe that others receive harmful information.However, Marschak’s value of information framework alwaysassigns non-negative value under expected utility: it starts from the decisionmaker’s beliefs – and one can never anticipate information’s harmfulnessfor oneself. The...

Ausgangspunkt sind die bekannten empirischen Verstöße gegen Axiome der Bernoulli-Rationalität und die Diskussion um seine präskriptive Ausschließlichkeit. Der Beitrag teilt Nichterwartungsnutzenkalküle in Kategorien ein, die sich für eine Modellierung unterschiedlicher Arten von...