Using some results from risk theory on stop-loss order and comonotone risks, we show in this paper that the price of an arithmetic Asian option can be bounded from above by the price of a portfolio of European call options

We provide evidence that time and risk preference norms tied to social identities help shape observed U.S. demographic patterns in economic outcomes. We identify the marginal effect of norms by measuring how laboratory subjects' choices change when an aspect of social identity is made salient....