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...

We study the implications of the value at risk concept for the bank's optimum amount of equity capital under credit risk. The market value of loans is risky and lognormally distributed. We show that the required equity capital depends upon managerial and market factors. Furthermore, the bank's...

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...