Incomplete markets provide many challenges for both investment decisions and valuationproblems. While both problems have received extensive attention in complete markets,there remain many open areas in the theory of incomplete markets. We present the resultsin three parts. In the first essay we...

This dissertation contains three essays. The first and second essays examineintergenerational mobility in earnings in Brazil using a data set spanning three generations. I use data from PNAD{a nationally representative household survey inBrazil. I build a three-generations data set consisting of...

The objectives of this research are to assess the returns, risks and correlation ofa mixed-asset portfolio, establish the role of real estate in a mixed-assetportfolio and suggest an appropriate real estate allocation in the South Africanpension fund industry. The issue of low real estate...