• Keine Ergebnisse gefunden

Trading Mechanism Selection with Directed Search when Buyers are Risk Averse

N/A
N/A
Protected

Academic year: 2022

Aktie "Trading Mechanism Selection with Directed Search when Buyers are Risk Averse"

Copied!
10
0
0

Wird geladen.... (Jetzt Volltext ansehen)

Volltext

(1)

Munich Personal RePEc Archive

Trading Mechanism Selection with

Directed Search when Buyers are Risk Averse

Selcuk, Cemil

Cardiff University

2011

Online at https://mpra.ub.uni-muenchen.de/36224/

MPRA Paper No. 36224, posted 27 Jan 2012 19:05 UTC

(2)

! " !

# $" " !"

% !$ $ " &'' ()*+, +)-. )-/0

1 2 3

4 # 5 6

5 # 78 9 $

9 # 9 4 4 3 ( 6

" # " 9 " $* 89 # :9 :"

4 9 $ ; 8 9

9 " 9

9 9 $

1 " 9 "

< 1 '" -0" -/

#= 4 3 9

4 # $ 9 4

9 9 86

9 " > 4 9

89 $ " 9

9 $

8 3 6

9 # 4 9 !

5 $ ?@A" 4 " 9 9 4

# 78 9 5 6

# # 89 9 !$

?/A 9 ! 5 9 7 9 9 "

4 4 9 4 # 46

4 5 # $0 " " 8 4

0 9 # $ 7

4 9 8 3

89 9 7 $ 4 9 " # 9

9 $ 99 B9 5 # C

4 8 $ 2 ?00" 0+A 4

$ " 9 9 # " 9

9 9 D 4

?/A" ?@A" 4 ?.A" E ?-A$

0

(3)

# $ # 4 7 9 9

# $

4 4 $ 2

5 # 4 6# 4 "

9 $ 4 9

9 # 9 4 4 3 89

4

9 4 9 " 4 5

( $ $ < $ ?FA*$ 9 4

9 9 4 8

# D 9 9 $

9 4

9 #

9 $ " 6 9 " 9 $

D 4 9 $

# D 4 " 5 "

9 78 9 $

9 5

5 # 9 78 9 $

9 # $

4 # $

4 9 #

9 4 3 $ # 9

4 # 9 9 9 "

3 $ 9 4 $ ; "

9 9 9 7

9 4 3 " $ $ # 4

$ " # # C D

$ 4

9 4 #

$ 4 9 9 3 9 !

# " 7 ; 9

3 $ G 9 3

$+

5 9 4

2 9 8 9 4 5

" 9 7 9 4 9

9 # 4 4 $

1

+ D " 6 4 $

+

(4)

$ 9 4 3

$ $ 4

$ : 9 : 4

9D 4 8 # " $ $

4 /

; 4

9 4 #

# ( 9 * # (9 9

9 * 9 4 3 # 5 #6

9 $ 4 9 5 # 4 9

9 5 #

5 9 " 6

9 $ 4

9 # "

# 9 '

$ 9 4 :# 9 : 9 8

# 8 4

$ ! # 9

4 4 : 9 : D 4 # 6

$ 4 8 9 " 9 /)H

! 9 99 4 9" +)H

99 4 9" $

2 4 #

# D # 5 9 9

$

/ 9 # # 4 "

C 89 # D ; #

?'A" @$

'2 # 4 D # 8 $ 8 9

4 # 4 ?+A 6

! (I # ?0)A* # $

! # $ 4 ! 9 # 9 !

" # # $ G " # 5 # 9

( 9 # # # 9 9 9 $

G 9 9 C # 9 $

4 # $

5 # 9 4 5 #

G# 1 9 # : 9 : 4 9

9 ! $

/

(5)

2 4 " " ! 5 #

9 " # ! 9" 6

9 $ 9 #

9 # # 9 # $ J 8 #

9 # #

4 (0*

G# 6 K 4

8 4 $

" " D $ $ $

$

# C 89 9 ! 9 5

(+*

2 9 # # # # " 9

9 # # 4 #

# 4

9 # 4 #

" #= (/*

C #= 8 3 9 7 " # #=

! " : : 4

# $ L 9 # # 4 = 4 !

$F

G 78 C 9 #

F ! # $

4 D 9 # # 4

9 ! # 4 (

$ ?0A" E ?,A*$

'

(6)

;G 9 #

G#

4

J " # 4 $ $ $

9 (78 9 *$

M #= 4 ( 78 *

$ J 4

#

G# 7 ( *D 4

;G 5 8 $

; 0

; 0 4 (

4 + *1 4 9 D #

F

(7)

4 9 # 4 9

$ 4 # 4 4

! 9 7

$@ G# 9 4 9 'F

8 9 7 $

# $ 9

3 " 4

9 9 " # $ 9

9 9 D :> :

$ 8 # 78

9 D 4 " 5 "

9 $ ; 8 9 !

9 9 $

2 4 9 9 $

! "

9 9 # 9 " $

" " 9 # # 4 # ( # *"

9 9 9 4 89 9 7 !

$ 9 4 $

2 7 78

9 " 5 $ " 99

5 # 9 9

4 89 9 7 $

9 # " 4

4 78 9

4 9 7 #

5 # $ # 4

" 9 4

89 9 7 6 $ 8

9 78 9 7 $ 4

9 " 4 9 #

# 9 # # G 4 "

4 4 0$ 9 $

" #

# # # " (+*$

('*

@ ; 4

9 89

@

(8)

" 89 8 3

4 # (+* 5

$ 5 # 78 9 D

# )$ 5 #

# # (+* ( $ M 7

# ;

5 4 4 ('* 4 6

N 9 8 4

L " 0 9

9 7 # 78 9 $ J

5 # ! $

5 4 5 # 4 4

4 ( * ( * 78 9 "

( * # $

9 9 9 9 # 5 # 4

9 78 9 $ 3 5 #

99 7 #

4 # $

5 ( $ $ $ ?0A* 5

5 # 9

# 9 # # G#

4 # # D

$

G 4 #

9 7

(F*

# 9 5 # $ 9 #

4 #

9 # #

#

4 9 $ 89

4 " 5 #

.

(9)

4 # ! $

; +

; + 4 9

9 " 7

9 4 9 4 9 $

9 4 # 4 4

(F* " # 9

# ! 5 # $ ; 9

5 # 9 4 4 (78

9 " 9 *$

4 9 $ ; 8 9 # 9 4

9 9 4 # " #

9 " 4 9 $

$ 9 4 9 :

: 9 1 9 #

4 # 9

9 ! # C 9 $

$ J 4 #

9 $

-

(10)

?0A " $" " $ O 2 " $" +))0$ E ; 6

$ < 4 E " 0),(F*" 99$0)@)60)-F$

?+A " L$ O " $" +)0)$ 69 #

9 $ 4 " 0/(/*" 9$@/.6@F/$

?/A " <$ O " E$" +)0)$ 1 4

9 $ < 4 " 0'F('*" 9$0/F'6

0/-F

?'A ; # " $ " <$ L " 0,,0" E $

?FA < " " < " E$ (+)))*$ P 4 # $Q

4 /" @0,6@',

?@A " $" 0,,,$ 5 4 E E " L

" +.(0*" 9$0)@600/$

?.A 4 " $ E " 0,,/$ # 9 $ 6

" @0(@*" 9$0+-060/0+$

?-A E " $" 0,,.$ 9 # 4 $ 4

" @'(0*" 9$,.60+/$

?,A E " $" +)))$ 4 8 5 # 4 9 6

$ < 4 " ,F(+*" 99$0/,60@-$

?0)A # " $" 0,-+$ E 4 5 # # $ 6

F)" ,.R00)$

?00A 2 " $" 0,,/$ E 6E $ 6

" -/('*" 9$-/-6-F0$

?0+A 2 " $" 0,,F$ 9 69 $ 9

" /,(,*" 9$0.'.60.@'$

,

Referenzen

ÄHNLICHE DOKUMENTE

FIGURE 5 Model of Relationship Between Decision Theoretic Ascpects, Psychological Aspects, and Perceived Risk , decision theoretic assessments of components, aggregation

By changing the goal function with due regards to other risk measures like current drawdowns, the optimal fraction solutions reflect the needs of risk averse investors better than

4. This subtle alteration in the demand structure effectively increases the mean buyer size from 4.75 to 6.33. This 33% increase in the mean buyer size stems from two sources: i)

In this report we have presented a heuristics guided method to generate diagnostic in- formation for the debugging of probabilistic timed reachability properties on stochastic

If no parameter is specified, S (SOURCE) is assumed. A Specifies an RPG II program that contains auto report specifications. SEU displays the RPG specification for each

One may downplay our test results in identifying good sell options, argu- ing that they are a consequence of the widely accepted view that OTM index calls and puts are “expensive”

FRANCESCA MAGGIONI † AND GEORG CH. In general, multistage stochastic optimization problems are formulated on the basis of continuous distributions describing the uncertainty.

This paper presents a prescriptive model f o r a decision maker's risk attitude toward financial outcomes that have important non-monetary effects, f o r example, effects