This paper re-examines the performance of REITs, stocks, and fixed-income assets based on the preferences of risk …-averse and risk-seeking investors using mean-variance and stochastic dominance approaches. Our findings indicate no first … order to maximize their expected utility, the risk-averse prefer fixed-income assets over real estate, which, in turn, is …

common knowledge, except that bidders have private degrees of aversion to downside-risk. In this model, the optimal FPA … risk or risk aversion generally leads to lower equilibrium bids. …

some savers have no risk-sharing motives, there exists a non-negligible set of economies (endowments) and equilibria at …

be risk averse, (ii) the bidders can have heterogeneous risk preferences, and (iii) the auction can have a binding … reserve price. Our analysis reveals that the premium has an intricate joint effect on risk sharing and expected revenue, which … in general benefits risk averse bidders. When the seller is more risk averse than the pivotal bidder - a condition often …

one standard deviation increase in conditional volatility. However, when volatility is extremely high, risk …-averse developers exercise development options earlier than risk-neutral developers. Our robustness tests also show that the winning … developers and the losing bidders are indifferent in their risk-aversion behaviors in the government land sale tenders. The …

winner's payment to the seller. De Marzo et al. (2005) show that in an environment with risk-neutral seller and bidders …, steeper securities increase the seller's expected revenue but do not affect the efficiency of the auction. We introduce risk … insurance levels the field for more risk-averse bidders, inducing them to bid more aggressively and improving the revenue and …