We investigate whether alternative asset classes should be included in optimal portfolios of the most prominent investor personae in the Behavioral Finance literature, namely, the Cumulative Prospect Theory, the Markowitz and the Loss Averse types of investors. We develop a stochastic spanning...

This paper presents new evidence on the distribution of risk attitudes in the population, using a novel set of survey questions and a representative sample of roughly 22,000 individuals living in Germany. Using a question that asks about willingness to take risks on an 11-point scale, we find...

In the literature on optimal indemnity schedules, indemnities are usually restricted to be non-negative. Gollier (1987) shows that this constraint might well bind: insured could get higher expected utility if insurance contracts would allow payments from the insured to the insurer at some...

We study a decision maker who faces a dynamic decision problem in which the process of information arrival is subjective. By studying preferences over menus of acts, we derive a sequence of utility representations that captures the decision maker’s uncertainty about the beliefs he will hold...

Many scholars show that institutions help citizens with their political decisions. However, real-world contexts contain multiple institutions that are imposed in combination with one another. Thus, I develop a theory and experimental test of the conditions under which combinations of...

The precautionary principle (PP) applied to environmental policy stipulates that, in the presence of physical uncertainty, society must take robust preventive action to guard against worst-case outcomes. It follows that the higher the degree of uncertainty, the more aggressive this preventive...

"The cloud" can apply to different kinds of services (typically differentiated as platform-as-a-service, infrastructure-as-a-service, and software-as-a-service), and it is the subject of rampant hype about its benefits. This paper draws on extensive readings from the literature (technical,...

This paper develops a general theoretical model for the measurement of strategic performance. The concepts are universal and, by applying the methodology through specific quantitative analytic methods, measurable for all forms of strategic activity. The model distinguishes three aspects of...

This paper creates a game theoretic model to determine how pendulum arbitration or baseball arbitration impacts the incentives of litigants. Pendulum arbitration is when both parties submit competing proposals and the arbitrator chooses only one of the bids, in its entirety, to be binding on...

There are many intrinsic problems in the framework of the history of Sudan. Abeyi, is the most complicated and hard to resolve. The variability of income generating methods in the area was minimum, except for the claimed tribal and racial. Part of the theoretical framework of the thesis was that...