The portfolio choices of investors and asset pricing are two important topics in financial economics. These two topics form the main theme of this study. The first part of the study, which is about spanning and intersection, mainly focuses on the portfolio choices of investors. Building on the...

This book extends the theory of real options. Where previous contributions mainly consider the timing of investment, this book also determines the optimal capacity size. We develop and analyze several theoretical investment models of the firm. The first three studies consider firms that act in a...

According to traditional welfare economics welfare occurs at the point where a good is purchased and some amount of utility is assumed to derive therefrom. According to Sen and others however one needs to look in addition to what use is made of the good after purchase. This paper throws new...