The Irrationality of Utility Maximization or the Death of a Salesman

Author(s):  
Irene van Staveren
Author(s):  
Min Dai ◽  
Steven Kou ◽  
Shuaijie Qian ◽  
Xiangwei Wan
Keyword(s):  

1970 ◽  
Vol 23 (4) ◽  
pp. 365-372
Author(s):  
FREDERICK D. SEBOLD

2021 ◽  
Vol 58 (1) ◽  
pp. 197-216 ◽  
Author(s):  
Jörn Sass ◽  
Dorothee Westphal ◽  
Ralf Wunderlich

AbstractThis paper investigates a financial market where stock returns depend on an unobservable Gaussian mean reverting drift process. Information on the drift is obtained from returns and randomly arriving discrete-time expert opinions. Drift estimates are based on Kalman filter techniques. We study the asymptotic behavior of the filter for high-frequency experts with variances that grow linearly with the arrival intensity. The derived limit theorems state that the information provided by discrete-time expert opinions is asymptotically the same as that from observing a certain diffusion process. These diffusion approximations are extremely helpful for deriving simplified approximate solutions of utility maximization problems.


2020 ◽  
Vol 36 (4) ◽  
pp. 369-383
Author(s):  
Rachel Clements ◽  
Sarah Frankcom

Sarah Frankcom worked at the Royal Exchange Theatre in Manchester between 2000 and 2019, and was the venue’s first sole Artistic Director from 2014. In this interview conducted in summer 2019, she discusses her time at the theatre and what she has learned from leading a major cultural organization and working with it. She reflects on a number of her own productions at this institution, including Hamlet, The Skriker, Our Town, and Death of a Salesman, and discusses the way the theatre world has changed since the beginning of her career as she looks forward to being the director of LAMDA. Rachel Clements lectures on theatre at the University of Manchester. She has published on playwrights Caryl Churchill and Martin Crimp, among others, and has edited Methuen student editions of Lucy Prebble’s Enron and Joe Penhall’s Blue/Orange. She is Book Reviews editor of NTQ.


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