The classical APT model is of the form rj − E(rj) = Øj (I − EI ) +ε , where rj − E(rj) is the earning deviation (called basic ariance-profit) of the security j, I is a common factor. This paper considers the impact on the securities return caused by the skewness and kurtosis of the stock...

It is frequently believed, in a quite schizophrenic fashion, that a theory of value must just solve the question of relative prices (a microeconomic problem), being mainly the theory of money the piece needed for determining the absolute or monetary level of prices (a macroeconomic problem). But...

The digital revolution has led to a quantification of ever more areas of human life and society. At the same time, there is an explosion of the number of awards , which by their very nature are based on non- quantified performance. Will quantification take over completely, leading to...

A principal allocates a single good to one of several agents whose values are privately and independently distributed, employing an optimal mechanism. The principal shapes the distribution of the agents' values within general classes of constraints. Divisive product designs, which are either...

Transfermarkt.de's market value (transfermarkt value) is a topic that is discussed very often in sports economics. Based on existing literature, we assume that the Transfermarkt value is a function of different input parameters, such as player characteristics, player performance, player...

* Winner of the 2021 RECASP Essay Prize * Assets are a crucial concept of the practice and mindset of the capitalist class. Critical analyses of capitalism, however, tend to admit that the exchange of commodities is the foundation of the analysis of capitalism. This article takes a different...

The weighted value was introduced by Shapley in 1953 as an asymmetric version of his value. Since thenseveral axiomatizations have been proposed including one by Shapley in 1981 specifically addressed tocost allocation, a context in which weights appear naturally. It was at the occasion of a...

We study a particular class of cost sharing games – "data games" – covering situations wheresome players own data which are useful for a project pursued by the set of all players. Theproblem is to set up compensations between players. Data games are subadditive butgenerally not concave, and...

Suppose the value of a firm is endogenously determined by a manager's costly effort. We call this manager a distinguished player if he also can trade shares of the firm on a market. Arbitrage-free asset pricing theory suggests that the equilibrium market price reflects the value increasing...

The Prospect Theory proposes to assess outcomes relative to a reference point (or benchmark). Although the literature recognises the relevance of dynamic benchmarks, most of the applications of Prospect Theory employ static reference points (or a status quo). This paper aims to develop a...