This paper investigates the competition between payment card issuers in an artificial payment card market. In the market we model the interactions between consumers, merchants and competing card issuers and obtain the optimal pricing structure for card issuers. We allow card issuers to charge...

We develop a new measure for disposition effects based on the average length of a trading strategy and whether it is loss-making or profitable. Using this new measure, we are able to evaluate disposition effects in more detail than has been possible previously. We find for the first time the...

In der vorliegenden Stellungnahme setzt sich das Thünen-Institut mit der Frage auseinander, wie sich wichtige Strategiepapiere, die die EU-Kommission und die Bundesregierung im zurückliegenden Jahr veröffentlicht haben, voraussichtlich auf Landwirtschaft, Forstwirtschaft und Fischerei...

We propose a prediction model based on the minority game in which traders continuously evaluate a complete set of trading strategies with different memory lengths using the strategies' past performance. Based on the chosen trading strategy they determine their prediction of the movement for the...

We simulate a series of daily returns from intraday price movements initiated by microstructure elements. Significant evidence is found that daily returns and daily return volatility exhibit first order autocorrelation, but trading volume and daily return volatility are not correlated, while...