Many financial puzzles have been solved, at least partially, by the introduction of alternative assumptions on the behaviour of investors. Cumulative prospect theory and mental accounting are two such approaches which are used in this paper to analyze some of the most important financial...

We analyse the existence of preferred numbers on the French Lotto market and prove that this market is not strongly efficient in the sense of Thaler & Ziemba (1988). The preference for low numbers is investigated by means of stochastic dominance tests. The specific features of the French Lotto...

[fre] Options et complétude des marchés. . Nous analysons les conditions dans lesquelles un marché peut être complété par des contrats d'options lorsqu'il existe une infinité d'états de la nature ; nous montrons, en particulier, que la tribu engendrée par les actifs échangés doit...

This paper deals with the recent developments of portfolio choice theory, which has been dominated by the classical mean/variance approach for half a century. In a first section we present some market anomalies put to light by many empirical studies. Academic researches on the limitations of the...

Many financial puzzles have been solved, at least partially, by the introduction of alternative assumptions on the behaviour of investors. Cumulative prospect theory and mental accounting are two such approaches which are used in this paper to analyze some of the most important financial...

We discuss Shen and Starr(2002) results and show that the bid-ask spread of a monopolistic market-marker doesn't depend on his inventory when he posts ''martingale prices '' in an inventory model with random volumes and an unknown direction of trade.

We analyze the demand of Euromillions lottery tickets, a European lotto-like game launched in 2004 and played simultaneously in nine countries with the same rules and the same draws. Using first the effective price methodology, we show that price elasticities are very different across countries....

This article deals with the optimal design of insurance contracts when the insurer faces administrative costs. If the literature provides many analyses of risk sharing with such costs, it is often assumed that these costs are linear. Furthermore, mathematical tools or initial conditions differ...