In this thesis we address problems associated with financial modelling from a Bayesian point of view. Specifically, we look at the problem of calibrating financial models, measuring the model uncertainty of a claim and choosing an optimal hedging strategy. Throughout the study, the local...

The thesis consists of two essays: "The CAPM -- A General Equilibrium Foundation" and "The Foreign Exchange Rate in Financial Markets".The Capital Asset Pricing Model (CAPM) is one of the most successful models for portfolio selection. The utility functions are assumed to depend positively on...

Marine Inseln beherbergen einen großen Teil der biologischen Vielfalt unseres Planeten und weisen gleichzeitig einen hohen Anteil endemischer Arten auf. Inselbiota sind allerdings zudem besonders anfällig für anthropogene Einflüsse wie den globalen Klimawandel, Habitatverlust und invasive...

"The common-property literature has often focused on the question of efficiency. Here we consider distributional issues instead. How should the benefits of the commons (say, a fishery) be distributed? We approach the question from the viewpoint of ownership rather than income redistribution. "A...

"Institutional approaches to social dilemmas have so far focused on how to create incentive structures that channel individuals' behavior into socially desirable outcomes assuming that everyone is selfish. However, the presumption of universal selfishness is not only empirically invalid but may...

"In this study, individual level behavior is investigated in the context of computer assisted voluntary contribution mechanism public good (VCM) provision experiments and common pool resource (CPR) appropriation experiments. Previous studies of these environments have concentrated on aggregate...