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Revealed and Stated Investment Decisions Concerning Structured Products

Vanini, Paolo; Döbeli, Barbara - Institut für Schweizerisches Bankwesen <Zürich> - 2007

We analyze the investment behavior of private clients concerning structured products. To ascertain their stated and … the questionnaire are that a product described by the investment motives in simple words heavily motivates people to … are described in the traditional, technical style. Finally, the sizes and distribution of the investment amounts turns out …

Persistent link: https://www.econbiz.de/10005858052

Irreversible Investment in General Equilibrium

Hugonnier, Julien; Morellec, Erwan; Sundaresan, Suresh - Institut für Schweizerisches Bankwesen <Zürich> - 2005

Theories of investment suggest that the option value of waiting to invest is significant in many branches of economics …, where investment is irreversible. The existing literature has generally failed to account for the general equilibrium … moderate levels of risk aversion. Our analysis demonstrates that the implications of partial equilibrium models of investment …

Persistent link: https://www.econbiz.de/10005858793

ENVIRONMENTAL UNCERTAINTY ANDIRREVERSIBLE INVESTMENTS IN ABATEMENTTECHNOLOGY

Dijkstra, Bouwe R.; Soest, Daan P. van - University <Nottingham> / Department of Economics; … - 2003

abatement technologies are irreversible. Weassume that the investment in the new abatement technology can be used for twoperiods …

Persistent link: https://www.econbiz.de/10005868811

Crunch Time: The Optimal Policy to avoid the “Announcement Effect”when Terminating a Subsidy

Gürtler, Marc; Sieg, Gernot - Institut für Wirtschaftswissenschaften <Braunschweig> … - 2006

We are considering for examination an Irreversible Investment under Uncertainty, subsidizedby the government. If the … government announces the termination of a form of subsidization,investors may decide to realize their investment in order to … obtain the subsidy. These investors mighthave postponed an investment if future payment were assured. Depending on the degree …

Persistent link: https://www.econbiz.de/10005869411

Bifurcation routes to volatility clustering

Gaunersdorfer, Andrea; Hommes, Cars H.; Wagener, … - Wirtschaftsuniversität <Wien> - 2000

A simple asset pricing model with two types of adaptively learning traders, fundamentalists and technical analysts, is studied. Fractions of these trader types, which are both boundedly rational, change over time according to evolutionary learning, with technical analysts conditioning their...

Persistent link: https://www.econbiz.de/10005841642

Okun's Law : Does the Austrian unemployment-GDP relationship exhibit structural breaks?

Sögner, Leopold - Institut für Informationsverarbeitung und -wirtschaft … - 2000

Okun's Law postulates an inverse relationship between movements of the unemployment rate and the real gross domestic product (GDP). Empirical estimates for US data indicate that a two to three percent GDP growth rate above the natural or average GDP growth rate causes unemployment to decrease by...

Persistent link: https://www.econbiz.de/10005841654

Illusion of Expertise in Portfolio Decisions: An Experimental Approach

Fellner, Gerlinde; Güth, Werner; Maciejovsky, Boris - Max-Planck-Institut zur Erforschung von … - 2001

This paper focuses on egocentric biases in financial decisions. Subjects first design a portfolio, whereby each combination of assets yields the same expected return and variance of returns. (...)

Persistent link: https://www.econbiz.de/10005845214

Are stock markets really like beauty contests? - Empirical evidence of higher order belief's impact on asset prices

Monnin, Pierre - Institut für Schweizerisches Bankwesen <Zürich>; … - 2004

The goal of this paper is to assess, for the first time, the empirical impact of "Kaynes' beauty contest", or "higher order belief", on asset price volatility. The paper shows that heterogeneous expectations induce higher order beliefs and that heterogeneous expectation asset pricing models...

Persistent link: https://www.econbiz.de/10005857785

Manipulation in Money Markets

Ewerhart, Christian; Cassola, Nuno; Ejerskov, Steen; … - Institut für Schweizerisches Bankwesen <Zürich> - 2006

Interest rate derivatives are among the most actively traded financial instruments in the main currency areas. With values of positions reacting immediately to the underlying index of daily interbank rates, manipulation has become an increasing challenge for the operational implementation of...

Persistent link: https://www.econbiz.de/10005858342

The α-Beauty Contest:Choosing Numbers, Thinkting Intervals

De Giorgi, Enrico; Reimann, Stefan - Institut für Schweizerisches Bankwesen <Zürich> - 2007

We present a model for the α-beauty contest that explains common patterns in ex-perimental data of one-shot and iterative games. The approach is based on two basic assumptions. First, players iteratively update their recent guesses. Second, players estimate intervals rather than exact numbers...

Persistent link: https://www.econbiz.de/10005858557

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