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Economic Preferences and Obesity: Evidence from a Clinical Lab-in-Field Experiment

Pastore, Chiara; Schurer, Stefanie; Tymula, Agnieszka; … - 2020

averse, show no evidence of present bias, and have impatience levels comparable to healthy samples described in the … international literature. Variations in present bias and impatience are not significantly associated with variations in markers of … circumference. Impatience moderates the link between risk tolerance and obesity. We replicate the key finding of interaction effects …

Persistent link: https://www.econbiz.de/10012497816

Endogenous indeterminacy and volatility of asset prices under ambiguity

Mandler, Michael - In: Theoretical Economics 8 (2013) 3, pp. 729-750

If agents are ambiguity-averse and can invest in productive assets, asset prices can robustly exhibit indeterminacy in the markets that open after the productive investment has been launched. For indeterminacy to occur, the aggregate supply of goods must appear in precise configurations but the...

Persistent link: https://www.econbiz.de/10011599497

On the evolutionary stability of the sentiment investor

Antico, Andrea; Bottazzi, Giulio; Giachini, Daniele - 2022

The behavioural finance literature attributes the persistent market misvaluation observed in real data to the presence of deviations from rational thinking of the actors involved. Cognitive biases and the use of simple heuristics can be described using expected utility maximising agents that...

Persistent link: https://www.econbiz.de/10013205388

Preferences over Time and under Uncertainty: Theoretical Foundations

al-Nowaihi, Ali; Dhami, Sanjit - 2021

individually determine stationarity, the common difference effect and its converse; constant, decreasing and increasing impatience …

Persistent link: https://www.econbiz.de/10012657921

On the neutrality of socially responsible investing

Arnold, Lutz G. - In: Theoretical Economics 18 (2023) 1, pp. 65-95

This paper investigates the conditions under which socially responsible investment (SRI) is neutral from the viewpoint of general equilibrium theory. Three conditions are jointly sufficient for neutrality of SRI. First, the financial market is complete and SRI does not compromise the spanning...

Persistent link: https://www.econbiz.de/10014536933

Recursive utility using the stochastic maximum principle

Aase, Knut K. - In: Quantitative Economics 7 (2016) 3, pp. 859-887

Motivated by the problems of the conventional model in rationalizing market data, we derive the equilibrium interest rate and risk premiums using recursive utility in a continuous-time model. We use the stochastic maximum principle to analyze the model. This method uses forward/backward...

Persistent link: https://www.econbiz.de/10011995477

The optimal spending rate versus the expected real return of a sovereign wealth fund

Aase, Knut K.; Bjerksund, Petter - In: Journal of Risk and Financial Management 14 (2021) 9, pp. 1-35

We consider a sovereign wealth fund that invests broadly in the international financial markets. The influx to the fund has stopped. We adopt the life cycle model and demonstrate that the optimal spending rate from the fund is significantly less than the fund's expected real rate of return. The...

Persistent link: https://www.econbiz.de/10013201109

International capital markets with time-varying preferences

Curatola, Giuliano; Dergunov, Ilya - 2017

We propose a 2-country asset-pricing model where agents' preferences change endogenously as a function of the popularity of internationally traded goods. We determine the effect of the time-variation of preferences on equity markets, consumption and portfolio choices. When agents are more...

Persistent link: https://www.econbiz.de/10011699050

Intertemporal equilibria with knightian uncertainty

Dana, Rose-Anne; Riedel, Frank - 2010

We study a dynamic and infinite-dimensional model with Knightian uncertainty modeled by incomplete multiple prior preferences. In interior efficient allocations, agents share a common risk-adjusted prior and use the same subjective interest rate. Interior efficient allocations and equilibria...

Persistent link: https://www.econbiz.de/10010272617

Price pressures

Hendershott, Terrence; Menkveld, Albert J. - 2010

We study price pressures in stock prices-price deviations from fundamental value due to a risk-averse intermediary supplying liquidity to asynchronously arriving investors. Empirically, twelve years of daily New York Stock Exchange intermediary data reveal economically large price pressures. A...

Persistent link: https://www.econbiz.de/10010303739

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