Professoren
Prof. Dr. Thorsten Hens

Prof. Dr. Thorsten Hens

Books

2010
“Financial Economics – A concise Introduction to Classical and Behavioural Finance”, Springer Verlag, Heidelberg, Deutschland

2009
“Handbook of Financial Markets: Dynamics and Evolution”, joint with Klaus Reiner Schenk-Hoppé, edited, North Holland

2008
“Grundzüge der analytischen Mikroökonomie”, joint with Paolo Pamini, Springer Verlag, Heidelberg, Deutschland

2008
“Behavioral Finance for Private Banking”, joint with Kremena Damianova, Wiley Finance

2004
“Grundzüge der analytischen Makroökonomie”, joint with Carlo Strub, Springer Verlag, Heidelberg, Deutschland

2003
“General Equilibrium Foundations of Finance”, joint with Beate Pilgrim, Kluwer Academic Publishers, Dordrecht, the NetherlandsRefereed Articles

2009
“The Leverage Effect Without Leverage”, joint with Sven Steude, Finance Research
Letters, June 2009, Vol. 6, Issue 2, pp. 83-94

2009
“Dynamic General Equilibrium and T-Period Fund Separation”, joint with Anke Gerber,
Peter Woehrmann, Journal of Financial and Quantitative Finance, forthcoming

2008
“Globally Evolutionary Stable Portfolio Rules”, joint with Igor Evstigneev and Klaus
Reiner Schenk-Hoppé, Journal of Economic Theory, May 08, Vol. 140, pp. 197-228

2007
“The Capitol Hill Baby-Sitting Co-op: Anecdote or Evidence for the Optimum Quantity of Money”, joint with Klaus Schenk-Hoppé and Bodo Vogt, Journal of Money, Credit and Banking, Sept. 07, Vol. 39, pp. 1305-1333

2007
“Strategic Asset Allocation and Market Timing: A Reinforcement Learning Approach”, joint with Peter Woehrmann, in Computational Economics, May 2007, Vol. 29 No. 3-4

2006
“Making Prospect Theory Fit for Finance”, joint with Enrico DeGiorgi, Journal of Financial Markets and Portfolio Management, Sept. 06, Vol. 20 No. 3

2006
“Limits to arbitrage when market participation is restricted”, joint with P. Jean-Jacques Herings and Arkadi Predtetchinskii, Journal of Mathematical Economics, Volume 42, Issues 4-5, August 2006, pp. 556-564

2006
“Evolutionary Stable Markets”, joint with Evstigneev, I. V. and Schenk-Hoppé, K. R., Economic Theory, Vol. 27, Number 2, February 2006, pp. 449 – 468

2006
“Markets Do Not Select For a Liquidity Preference as Behaviour Towards Risk”, joint with Klaus Reiner Schenk-Hoppé, Journal of Economic Dynamics and Control, Vol. 30, Number 2, February 2006, pp. 279 – 292

2005
“Market selection and survival of investment strategies”, joint with R. Amir, I. Evstigneev and K. R. Schenk-Hoppé, Journal of Mathematical Economics, Vol. 41, Issues 1-2,
February 2005, pp. 105-122

2005
“Evolutionary Stability of Portfolio Rules”, joint with K. R. Schenk-Hoppé, Journal of Mathematical Economics, Vol. 41, Issues 1-2, February 2005, pp. 43-66

2005
“Evolutionary finance: introduction to the special issue”, joint with K. R. Schenk-Hoppé, Journal of Mathematical Economics, Vol. 41, Issues 1-2, February 2005, pp. 1-5

2004 “Sunspot Equilibria and the Transfer Paradox”, joint with Beate Pilgrim, Economic Theory Vol 24, pp. 583-602

2004 “Nash Competitive Equilibria and Two Period Fund Separation”, joint with Stefan Reimann and Bodo Vogt, Journal of Mathematical Economics Vol 40, pp. 321-346

2002
„An Application of Evolutionary Finance to Firms Listed in the Swiss Market Index”, joint with Klaus Reiner Schenk-Hoppé and Martin Stalder, Swiss Journal of Economics and Statistics, Vol 138(4), pp. 465-487

2002
''Market Selection of Financial Trading Strategies: Global Stability”, joint with Igor Evstigneev and Klaus Reiner Schenk-Hoppé, Mathematical Finance Vol. 12, pp. 329-
339

2002
''Two Remarks on the Uniqueness of Equilibria in the CAPM”, joint with Andras Loeffler and Joerg Laitenberger, Journal of Mathematical Economics, Vol 37 (2), pp. 123-133

2001 ''An Evolutionary Approach to Financial Innovations'', joint with M.-O. Bettzüge, The Review of Economic Studies, 68, No 3,pp. 493-522

2001
“An Extension of Mantel (1976) to Incomplete Markets”, Journal of Mathematical Economics, Vol. 36, pp. 141-149

2000
''Do Sunspots Matter when Spot Market Equilibria are Unique?'', Econometrica 68, No.2, pp. 435-441

2000 ''On Choquet prices in a GEI-model with intermediation costs'', joint with M.-O. Bettzüge, M. Laitenberger and T. Siwik, in Research in Economics 54, pp. 133-152

1999
''On the Dissaggregation of Excess Demand Functions when Markets are Incomplete: The Case of Nominal Assets'', joint with Piero Gottardi, Economic Theory 13 No. 2, pp. 287-308

1999
''Exchange Rates and Oligopoly'', joint with E. Jäger, A. Kirman and L. Phlips, European Economic Review 43, pp. 621-648

1998
“Market Demand Functions in the CAPM”, joint with Jean-Marc Bottazzi and Andras Loeffler, Journal of Economic Theory (79), pp.192-206

1997
''Stability of Tâtonnement Processes of Short Period Equilibria with Rational Expectations'', Journal of Mathematical Economics 28, pp. 41-67

1997
''Exchange Rates and Perfect Competition'', Journal of Economics Vol. 65, pp. 151-161.

1996
''The Survival Assumption and Existence of Competitive Equilibria when Asset Markets are Incomplete'', joint with Piero Gottardi, University of Cambridge, Journal of Economic Theory, Vol. 71, December 1996, pp. 313-323

1996
''On Excess Demand Functions with Incomplete Markets'', joint with J.-M. Bottazzi, Journal of Economic Theory Vol. 68, No.1, pp. 49-63

1995
''A Note on Gross Substitution in Financial Markets'', joint with A. Löffler, Economics Letters 49(1), pp. 39-43

1992
''A Note on Savage`s Theorem with a Finite Number of States'', Journal of Risk and Uncertainty, 4: pp. 63-71, 1992


Other Articles

2005
“Evolutionary finance: introduction to the special issue”, joint with Klaus Reiner Schenk-Hoppé Journal of Mathematical Economics, Volume 41, Issues 1-2, February 2005, pp.1-5

2004
“Existence of Sunspot Equilibria and Uniqueness of Spot Market Equilibria: The Case of Intrinsically Complete Markets”, joint with Janos Mayer and Beate Pilgrim, Cass-
Festschrift, Springer

2004
“Survival of the Fittest on Wall Street”, joint with Klaus Schenk-Hoppé, forthcoming in VI Buchenbach Workshop (M. Lehmann-Waffenschmidt, ed.), Metropolis-Verlag, Marburg

2003
“A Rough Guide to Behavioral and Evolutionary Finance”, FSR-Forum, University of Rotterdam

2002
Book review on “Inefficient Markets: An Introduction to Behavioral Finance” by A. Shleifer, Journal of Institutional and Theoretical Economics, Vol. 158, pp 1-4

2001
“A Theoretical Analysis of the Mean-Slutzky income effect in the CAPM, in: Debreu, G., Neuefeind, W. und W. Trockel (Hrsg.), Economics Essays – A Festschrift in Honor of
Werner Hildenbrand, Heidelberg: Springer-Verlag

1999
''On Multiplicity of Competitive Equilibria when Financial Markets are Incomplete'', joint with K. Schmedders and B. Voß, in ''Theory of Markets'', P.J.J. Herings, G. van der
Laan and A.J.J. Talman (eds.), KNAW, North-Holland, Amsterdam

1998
''Financial Intermediation Versus Stock Markets in a Dynamic Intertemporal Model'', comment on Bhattacharya, Fulghieri and Rovelli, Journal of Institutional and Theoretical Economics, Vol.154, pp. 325-327

1998
"Incomplete Markets", Chapter 5 in Elements of General Equilibrium Theory, Festschrift in Honor of Gérard Debreu, Alan Kirman (ed.), Blackwell Publishers

1997
Book review on ''Theory of Incomplete Markets'' by M. Magill and M. Quinzii, Journal of Economics, Vol. 66, No.3, pp.309-313

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