In this paper we model the adjustment process of European Union Allowance(EUA) prices to the releases of announcements at high-frequency controlling forintraday periodicity, volatility clustering and volatility persistence. We ¯nd thatthe high-frequency EUA price dynamics are very well captured...

In this paper, I seek to establish a framework in which solutions to imperfect recall decision problems can be suitably examined. I introduce a strategy concept which is an extension of the standard concept employed since von Neumann and Morgenstern, and show how it may provide optimal solutions...

In this paper, I study decision theory in the presence of imperfect recall. I use an extension of the standard strategy concept for the analysis of extensive form games in order to examine the range of imperfect recall problems for which there exists an optimal solution. Optimality is assessed...

This book presents recent findings and results concerning the solutions of especially finite state-space Markov decision problems and determining Nash equilibria for related stochastic games with average and total expected discounted reward payoffs. In addition, it focuses on a new class of...

We challenge the standard definition of economic rationality as consistency by making use of a novel distinction between axioms of decision theory: consistency and preference axioms. We argue that this distinction has been overlooked by the literature and, as a result, evidence that consistency...

Vorliegendes Arbeitspapier analysiert sowohl entscheidungs- wie auch spieltheoretisch die Entscheidungssituation der Aktionäre, die einem Übernahmeangebot gegenüber stehen. Als erstes wird dabei der Begriff des "Gefangenendilemmas" definiert. Ferner wird dann die Entscheidungssituation für...

A new model, rejecting solutions optimal only for a single preciselydefined future, generates answers representing the best compromisebetween risks and opportunities in all likely futures.