An zahlreichen Wertpapiermärkten, an denen Aktien und Optionen gehandelt wer-den, sind professionelle Händler beauftragt, kontinuierlich verbindliche Kauf- und Verkaufsangebote an potentielle Nachfrager zu geben, um für alle interessierten Marktteilnehmer jederzeit einen sofortigen...

This paper studies equilibrium portfolio choice and asset returns using a new model of recursive preferences called optimal risk attitude utility. Our model is an extension of recursive expected utility that allows an individual to optimally select her risk aversion parameter in response to the...

We estimate the effect of parental separation on the risk and trust attitudes of German adolescents using a large household survey dataset, which allows us to match respondents to their siblings and parents. Our results indicate that adolescents from separated families are less trusting but have...