This paper considers multiple market agents who have distinct distributional opinions about the state price density. We first determine the optimal trading positions of a utility maximizing market taker who trades Arrow-Debreu securities for prices set by the market maker. We use calculus of...

We implement a long-horizon static and dynamic portfolio allocation involving a risk-free and a risky asset. This model is calibrated at a quarterly frequency for ten European countries. We also use maximum-likelihood estimates and Bayesian estimates to account for parameter uncertainty. We find...

Digital currency is a way of currency utilized in the digital world namely electronic devices or digital forms. Many terms are alternative words for digital currency such as cyber cash, digital money, and electronic money. Cryptocurrency is a type of asset that has developed due to the...