Zusammenfassung Am Beispiel des Konjunkturmodells von Kaldor wird gezeigt, wie die Kontrolle eines chaotischen ökonomischen Systems mit begrenzten Ressourcen auch dann noch durchgeführt werden kann, wenn es sich bei dem zu stabilisierenden Gleichgewicht nicht mehr um einen sogenannten...

In this paper we investigate Metallgesellschaft’s problem of hedging long-term forwards with short-term futures. Very different hedging strategies have been proposed in the literature. We attribute these differences to the underlying valuation approaches for oil futures and empirically compare...

This paper focuses on the valuation of caps, floors, and collars in a contingent claim framework under continuous time. These instruments are interpreted as options on traded zero coupon bonds. The bond prices themselves are used as the underlying stochastic variables. This has the advantage...

This paper examines optimal hedging behavior in a market where preferences for current consumption are partly determined by the consumer's past consumption history. The model considers an individual exposed to price risk, who allocates wealth between consumption and futures contracts over a...