Lebenszyklusfonds sind eine der bedeutendsten Finanzinnovationen der letzten Jahre im Hinblick auf die private und betriebliche Altersvorsorge. Bei diesen wird bis zu einem gewissen Zieldatum - in etwa das Renteneintrittsdatum des Anlegers - die Aktienquote und damit das Risiko reduziert....

We present methods of belief elicitation which are applicable for any non-trivial utility function. Unlike existing techniques that account for deviations from risk-neutrality, these methods are highly transparent to subjects. Rather than identifying beliefs exactly we identify bounds on...

This paper shows that the informativeness principle, as originally formulated by Holmstrom (1979), does not hold if the first-order approach is invalid. We introduce a "generalized informativeness principle" that takes into account non-local incentive constraints and holds generically, even...

We present a survey design that generalizes static conjoint experiments to elicit inter-temporal adoption decisions for durable goods. We show that consumers' utility and discount functions in a dynamic discrete choice model are jointly identified using data generated by this specific design. In...

The problem of capital allocation to a set of strategies could be partially avoided or at least greatly simplified with an appropriate strategy approval decision process. This paper proposes such a procedure.We begin by splitting the capital allocation problem into two sequential stages:...

In this paper, we show that if asset returns follow a generalized hyperbolic skewed t distribution, the investor has exponential utility function and a riskless asset is available, the optimal portfolio weights can be found either in closed-form or using a successive approximation scheme. We...

This paper searches through the many syllabi of Economics, but cannot find any valid theory derived by utility method. Utility is a kindergarten teaching of trade-off, and it produces nothing serious. This paper advocates a more serious teaching of trade-on: exchange and production.Utility has...