We examine a dynamic disclosure model in which the value of a firm follows a random walk. Every period, with some probability, the manager learns the value and decides whether to disclose it. The manager maximizes the market perception of the firm's value, which is based on disclosed...

It is said that risky asset h acceptance dominates risky asset k if any decision maker who rejects the investment in h rejects also the investment in k. As Hart (2011) shows, acceptance dominance is an incomplete order on an ordinary set of gambles. We extend the definition of acceptance...

In their seminal works, Arrow (1965) and Pratt (1964) defined two aspects of risk aversion: absolute risk aversion and relative risk aversion. Based on their definitions, we define two aspects of risk: absolute risk and relative risk. We consider situations in which, by making an investment, an...