Background: A wide array of Socioeconomic Status (SES) indicators show differential effects for the members of diverse social groups. Researchers know a little about the ethnic variation and the effects of family income on delay discounting which is the predictor of risk behaviors. Objectives: This study examined the effect of family income and its differences on delayed gratification between ...

We study revenue optimization learning algorithms for repeated posted-price auctions where a seller interacts with a single strategic buyer that holds a fixed private valuation for a good and seeks to maximize his cumulative discounted surplus. For this setting, first, we propose a novel algorithm that never decreases offered prices and has a tight strategic regret bound in Θ(log log T ) under ...

Abstract This article addresses the problem of pricing European options when underlying asset is not perfectly liquid. A liquidity discounting factor as a function market-wide governed by mean-reverting stochastic process and sensitivity price to firstly introduced, so that impact on can be captured option model. The characteristic analytically worked out using Feynman–Kac theorem closed-form f...

Under conditions of asymmetric information, the seller's choice of a selling institution entails sorting of buyers by valuation type in order to price discriminate and maximize profits. We consider the seller's choice between sequential search and an auction in the presence of discounting and transaction costs when selling n homogeneous units of a good. Our analysis shows that the expected retu...

We consider the problem of seeking the optimal time to sell a stock, subject to a fixed sale cost and an exponential discounting rate ρ. We assume that the price of the stock fluctuates according to the equation dYt = Yt (μdt+σ ξ(t) dt), where (ξ(t)) is an alternating Markov renewal process with values in {±1}, with an exponential renewal time. We determine the critical value of ρ under which t...

Recent explanations of aggregate stock market fluctuations suggest that countercyclical stock market volatility is consistent with rational asset evaluations. In this paper, I develop a framework to study the causes of countercyclical stock market volatility. I find that countercyclical risk premia do not imply countercyclical return volatility. Instead, countercyclical stock volatility occurs ...

Using a sample comprising nearly 250,000 weekly prices from the largest seven UK supermarket chains, this note investigates two pricing practices that have attracted public interest: the tendency for promotions to ‘disguise’ rises in non-sale prices and the inflation of prices prior to sales which ‘exaggerate’ the discount. Analysing price dynamics before and after periods of promotional discou...

Expectations play a central role in modern macroeconomics. The econometric learning approach, in line with the cognitive consistency principle, models agents as forming expectations by estimating and updating subjective forecasting models in real time. This approach provides a stability test for RE equilibria and a selection criterion in models with multiple equilibria. Further features of lear...

This paper mainly studies the optimal investment problem of defined contribution (DC) pension under self-protection and minimum security. First, we apply [see formula in PDF] theorem to obtain differential equation real stock price after discounting inflation. Then, constraint external guarantee DC terminal wealth, is introduced study maximization expected utility wealth at retirement time any ...