In this paper an extension of the well-known binomial approach to option pricing is presented. The classical question is: What is the price of an option on the risky asset? The traditional answer is obtained with the help of a replicating portfolio by ruling out arbitrage. Instead a two-person...

This paper examines the production and hedging decisions of the competitive firm under price uncertainty when the firm is not only risk averse but also regret averse. Regret-averse preferences are characterized by a modified utility function that includes disutility from having chosen ex-post...

Die Dissertation befasst sich mit Einkommenszyklen offener Volkswirtschaften. Im Grundmodell werden Einkommensunterschiede der Länder durch verschiedene Lernexternalitäten ausgelöst. Arbeitsteilung im internationalen Handel verfestigt die Ungleichentwicklung. Das Aufkommen neuer Technologien...