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Zukunftsorientierte Bestimmung von Kapitalkosten für die Unternehmensbewertung
Gebhardt, Günther; Daske, Holger - 2004
Der Bestimmung risikoadäquater Diskontierungssätze kommt bei der Unternehmensbedeutung eine zentrale Bedeutung zu. Wird zu deren Bestimmung in der praktischen Anwendung das CAPM verwendet, gilt es dabei, risikolose Zinssätze und Risikoprämien zu bestimmen, für die erwartete Renditen des...
Persistent link: https://www.econbiz.de/10010263304
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A note on the computation of the equity premium and the market value of firm equity
Heer, Burkhard; Maußner, Alfred - 2010
Turnovsky (1995) derives in a continuous-time model of a decentralized economy that the correct specification of the firm's objective function is to maximize the initial value of its outstanding securities. The firm value is the discounted flow of real earnings. For the discrete-time version of...
Persistent link: https://www.econbiz.de/10010275839
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Zikularitätsprobleme in der Unternehmensbewertung
Nippel, Peter - 1997
Alle modernen Verfahren der Unternehmensbewertung basieren auf der Diskontierung von risikobehafteten Größen …
Persistent link: https://www.econbiz.de/10011583020
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An Experimental Investigation of the Role of Errors for Explaining Violations of Expected Utility
Neugebauer, Tibor; Schmidt, Ulrich - 2003
One possible conclusion from recent experimental research on decision making under risk is that observed behaviour can … of the subjects and most of the choice problems under risk. However, it turns out that for decision problems under …
Persistent link: https://www.econbiz.de/10010261667
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Optimal policy and the risk properties of human capital reconsidered
Anderberg, Dan - 2008
This paper considers how optimal education and tax policy depends on the risk properties of human capital. It is demonstrated that a key feature of human capital investments is whether they increase or decrease wage risk. In a benchmark model it is shown that this feature alone determines...
Persistent link: https://www.econbiz.de/10010264479
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Apportioning of risks via stochastic dominance
Eeckhoudt, Louis; Schlesinger, Harris; Tsetlin, Ilia - 2008
+ XM] dominates the lottery [XN + XM, YN + YM] via (N + M)th-order stochastic dominance. The basic idea is that a decision …
Persistent link: https://www.econbiz.de/10010264492
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Do people make decisions under risk based on ignorance?: an empirical test of the priority heuristic against cumulative prospect theory
Glöckner, Andreas; Betsch, Tilmann - 2008
information. We conducted three studies to test the PH empirically by analyzing individual choice patterns, decision times and … information search parameters in diagnostic decision tasks. Results on all three dependent variables conflict with the predictions … of the PH and can be better explained by the CPT. The predictive accuracy of the PH was high for decision tasks in which …
Persistent link: https://www.econbiz.de/10010264834
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Risk and Expected Utility Theory
Pope, Robin; Selten, Reinhard - 2009
deal with particular decision situations. A model by Caplin and Leahy (2001) will also be discussed and contrasted with the …
Persistent link: https://www.econbiz.de/10010270013
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Risk in a Simple Temporal Framework for Expected Utility Theory and for SKAT, the Stages of Knowledge Ahead Theory
Pope, Robin; Selten, Reinhard - 2009
, offers an epistemically consistent framework within which to construct particular models to deal with particular decision …
Persistent link: https://www.econbiz.de/10010270422
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An experimental investigation of violations of transitivity in choice under uncertainty
Birnbaum, Michael H.; Schmidt, Ulrich - 2008
Several models of choice under uncertainty imply systematic violations of transitivity of preference. Our experiments explored whether people show patterns of intransitivity predicted by these models. To distinguish "true" violations from those produced by "error", a model was fit in which each...
Persistent link: https://www.econbiz.de/10010273147