Investment decisions lie at the heart of many economic activities. Each day, individual investors, banks, and fund management firms try to optimize their portfolio investments at international financial markets around the ...

The benchmark model of economics, expected utility theory, assumes that individuals manage uncertainty by forming beliefs about all relevant events and that these beliefs satisfy the probability axioms. There is ample scope ...

This thesis contains five papers. Two belong to the field of industrial organization. Both are on innovation and the investment in it. The paper “Persistence of Monopoly and Research Specialization” takes a new look at ...

Understanding decision making of households has always been a key challenge of economic research. Some of the most relevant household choices are financial decisions regarding savings since these insure household consumption ...