25,946 research outputs found
Review of Peter Bossaerts, The Paradox of Asset Pricing
No full textBy 'the paradox of asset pricing' Peter Bossaerts refers to his contention that, despite its apparent generality and sophistication, the theory of finance has largely been a failure empirically. Bossaerts reviews the major areas of finance: theory, empirical methods, empirical results and experiments. The explanatory variables for average asset returns suggested by theory - market beta and consumption beta - predict returns less successfully than variables for which the theoretical basis is weak. This reviewer agrees with Bossaerts' assessment. Bossaerts proposes weakening the hypothesis of market efficiency from full rational expectations to efficient learning: agents update priors optimally - that is, according to Bayes' rule - but start with possibly biased priors. He develops ingenious empirical implications of this specification. For example, he shows that under efficient learning, inverse asset returns are fair games going backward in time (under some additional assumptions). Empirical implementation of these tests appear promising.Market Efficiency, Martingales, Experiments, CAPM, Consumption-based Asset Pricing,
Experiments with the Lucas asset pricing model
No full textTrabalho apresentado por Peter Bossaerts - California Institute of Technology (Caltech) no contexto do evento "Asset Pricing and Portfolio Allocation in the Long Run". Mais informações em: http://epge.fgv.br/conferencias/longrun/index.ph
Expectations and learning in Iowa
No full textWe study the rationality of learning and the biases in expectations in the Iowa Ex-perimental Markets. Using novel tests developed in (Bossaerts, P., 1996. Martingale restrictions on equilibrium security prices under rational expectations and consistent beliefs. Caltech working paper; Bossaerts, P., 1997. The dynamics of equity prices in fallible markets. Caltech working paper), learning in the Iowa winner-take-all markets is found to be in accordance with the rules of conditional probability (Bayes ’ law). Hence, participants correctly update their beliefs using the available information. There is ev-idence, however, that beliefs do not satisfy the restrictions of rational expectations tha
Author Peter FitzSimons speaking at the National Library of Australia, Canberra, 13 November 2012 /
No full textTitle from acquisitions documentation.; Part of the collection: Portraits of author Peter FitzSimons speaking at the National Library of Australia, Canberra, 13 November 2012.; Acquired in digital format; access copy available online.; Mode of access: Online.; Photographed by a staff member of the National Library of Australia
A simulation and behavioral study of decision and risk in blackjack
No full textThe purpose of this master project was to explore decision making process applied to a blackjack game and make the links with facets of impulsivity. The first part of this study goes through the mathematical of this game and presented the optimal policy, computed with reinforcement learning algorithm. We also computed with a Monte Carlo simulation, for each possible hand and for each possible decision, the 3 values , and , value function, risk, one-step-ahead risk proposed by d'Acremont & Bossaerts, 2008. The second part of the study present the result of the behavioural study. Forty-seven undergraduate students perform 200 blackjack hands and completed a self-report questionnaire evaluating impulsivity and risk attitude. Our analysis reveals links with lack of perseverance and decision time. Furthermore percentage of optimal decision along the game reveals learning with novice player. The result of this study can be used as a basis for future research in neuroimaging on the risk, to try to answer if is possible to distinguish brain area associated with one-step ahead versus total riskSSVLaboratory of decision making under uncertainty, EPF
Promoting Intellectual Discovery: Patents Versus Markets
No full textBecause they provide exclusive property rights, patents are generally considered to be an effective way to promote intellectual discovery. Here, we propose a different compensation scheme, in which everyone holds shares in the components of potential discoveries and can trade those shares in an anonymous market. In it, incentives to invent are indirect, through changes in share prices. In a series of experiments, we used the knapsack problem ( in which participants have to determine the most valuable subset of objects that can fit in a knapsack of fixed volume) as a typical representation of intellectual discovery problems. We found that our "markets system" performed better than the patent system.SFI-P
Moral Good, the Beatific Vision, and God’s Kingdom Writings by Germain Grisez and Peter Ryan, S.J.. Edited by Peter J. Weigel
No full textFor close to half a century, the work of Germain Grisez has been highly influential, and his writings continue to receive considerable attention from philosophers and theologians of diverse viewpoints. His co-author for this work is the professor and noted moral theologian Fr. Peter Ryan, S.J., currently the executive director of the Secretariat of Doctrine and Canonical Affairs of the United States Conference of Catholic Bishops (USCCB). These two eminent scholars explore fundamental questions about Christian eschatology, moral theory, the purpose of human life, and the promise of human fulfilment. The authors examine Christian teaching on the final destiny of persons, investigating the meaning of God's kingdom, the hope of the beatific vision, and the centrality of moral goodness and divine grace in one's final end. This work is an ideal source for students, scholars, ministers and lay persons interested in basic questions of Christian theology, the philosophy of religion, ethical theory, and Catholic doctrin
Murder on the mountain: author talk with Peter J. Wosh
No full textAuthor talk by Peter J. Wosh on May 5th, 2022, on his book, "Murder on the Mountain: crime, passion, and punishment in gilded age New Jersey.
Lunchtime Talk with Author and Attorney Peter Godwin
No full textAuthor and attorney Peter Godwin gave a lunchtime talk about the topics discussed in his book, The Fear, which focuses on the human rights situation in Zimbabwe under the rule of Robert Mugabe
An essay about the Francis Paudras Collection on Bud Powell by Peter Pullman
No full textThis is an essay about the Francis Paudras Collection on Bud Powell written by Peter Pullman, a jazz scholar and author of Wail: The Life of Bud Powell (Brooklyn: Bop Changes, 2012).One image file (pdf)This project was supported by a Recordings at Risk grant from the Council on Library and Information Resources (CLIR). The grant program is made possible by funding from The Andrew W. Mellon Foundation
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