In the early part of the twentieth century, neoclassical economic theorists began to explore mathematical models of maximization. The theories of human behavior that they produced explored how optimal human agents, who were subject to no internal computational resource constraints of any kind, should make choices. During the second half of the twentieth century, empirical work laid bare the lim...

The utility maximization of terminal wealth in continuous time has a long history. Literally hundreds of papers have studied many facets of such questions. Despite of the vast amount of literature, one aspect seems not well understood to date. That is the stability of the optimizers. To the best of my knowledge, only a few papers have been published on this topic, such as [3] and [21]. This doc...

Purpose: The goal of the research paper is to familiarize reader with both Wealth Tech concept and key trends regarding global wealth management sector. Design/Methodology/Approach: For purpose paper, following methods have been applied: critical analysis literature including papers, comparative presented data. Findings: Because such rapid digital transformation, was able emerge as significant ...

We provide explicit solutions to life-cycle utility maximization problems involving dynamic decisions on investments in stocks and bonds, consumption of perishable goods, and the rental and the ownership of residential real estate. House prices, stock prices, interest rates, and the labor income of the decision-maker follow correlated stochastic processes. The explicit consumption and investmen...

We evaluate the goal of maximizing number individuals matched to acceptable outcomes. present two mechanisms that maximize assignments. The first is Pareto efficient and undominated—in terms assignments—in equilibrium. second fair for unassigned agents assigns weakly more than any stable mechanism in

In recent years, a number of commentators have criticized corporate law's traditional commitment to shareholder primacy because of the costs it imposes on nonshareholder corporate constituencies. The phrase "shareholder primacy" refers to management's legal duty to pursue shareholder wealth maximization without regard for competing considerations. Despite the jarring social effects of the hosti...

We consider the portfolio selection problem of a member of a defined contribution (DC) pension plan in a hidden Markov-modulated economy modulated by a continuous-time, finite-state, hidden Markov chain whose states represent different hidden states of the underlying economy. The evolution of the chain over time is not observable by the member. We consider the situation that the member aims to ...

The manipulation of large-scale document data sets often involves the processing of a wealth of features that correspond with the available terms in the document space. The employment of all these features in the learning machine of interest is time consuming and at times reduces the performance of the learning machine. The feature space may consist of many redundant or non-discriminant feature...

A dynamic model is presented of a household’s joint production, storage, and trade decisions under price risk, region-wide and idiosyncratic yield risk, and explicit transaction costs. Balancing the goals of profit maximization and hedging against consumption price risk, grain management decisions are nonlinear, interdependent functions of the market price and household grain availability and f...

Foreigners can act as agents of change in organizations more effectively than domestic agents. In this study, I look at Sweden as a natural experiment where I can observe different types of investors and how they may affect change within the firm. The observable result is an improvement in firm performance. I term active foreign investors as those that are concerned about control rights over a ...