In incomplete market theory, the utility-based price and the indifference pricing have especially received much attention in pricing methods using utility function. This paper constructs the framework to unite these two methods and analyzes the relationship between them, using the setting of the...

This paper examines the effect of biased expert opinions on asset allocations. Expert opinions, such as brokerage research and analyst views, are an essential component of the asset management sector and an important research topic. However, the effect of behavioral biases on expert opinions is...