<p><strong>Syfte:</strong> Den geografiska aspekten hos fondsparare har inte studerats tidigare och det är därför väldigt intressant att göra en studie inom detta område. Studien görs i samarbete med en av Sveriges storbanker. Huvudsyftet med studien är att undersöka om risktagandet hos svenska fondsparande, i en av Sveriges storbanker, skiljer sig åt mellan olika län och kommuner. Jag undersöker även frågor som:</p><p>·           Vilket av könen tar störst risk? </p><p>·           Tar yngre eller äldre störst risk?</p><p>·           Tar äldre kvinnor större risk än äldre män?</p><p>·           Beror portföljvärdet på hur stor risk placeraren tar?</p><p>·           Påverkar andelsvärde av portföljens risktagande?</p><p>·           Fondsparare som har sin hemvist i en storstad (Stockholm, Göteborg och Malmö) tar dessa större risker än män/kvinnor som bor utanför storstäderna?</p><p>·           Skiljer sig risktagandet mellan åren 2001- 2007?</p><p> </p><p><strong>Metod: </strong>Den empiriska metoden multipel linjär regression, så kallad Ordinary Least Square används i studien. Jag har erhållit data från en av Sveriges storbanker och jag använder storbankens egna riskmått. Det riskmått som är av störst intresse är total risk, för att det är just detta riskmått som kunder möter.<strong></strong></p><p> </p><p><strong>Resultat & slutsats:</strong> Resultatet som följer presenteras från riskmåttet total risk. Kvinnor är mindre riskbenägna än män. Äldre är mindre riskbenägna än yngre och äldre kvinnor är mindre riskbenägna än män i samma ålder. Ju större portföljvärdet är desto mindre riskbenägen är investeraren. Ju större andelsvärdet är av portföljvärdet desto mindre är risken i just det innehavet. Individer som bor i en storstad har ett större risktagande i sitt fondsparande.</p><p> </p><p>Det är 11 län som är mindre riskbenägna och fem är mer riskbenägna än Stockholms län. Fyra av länen blev ej statistiskt signifikanta och därmed går inte att avgöra om investerare i dessa län är mer eller mindre riskbenägna än investerare i Stockholms län.</p><p> </p><p>Det är investerare i 99 kommuner som är mindre riskbenägna och 97 kommuner som är mer riskbenägna än investerare i Stockholms kommun.110 av kommunerna blev ej statistiskt signifikanta.</p><p> </p><p><strong> </strong></p><p><strong> </strong></p><p><strong> </strong></p><p><strong>Förslag till fortsatt forskning:</strong> Det skulle vara av intresse att undersöka vilka andra oberoende variabler som kan påverka risktagandet hos en investerare. Intressanta variabler som ofta förekommer i vetenskapliga artiklar är civil status, hur många köp/sälj investeraren gör, investerarens akademiska grad och religion.</p><p> </p><p><strong>Uppsatsens bidrag: </strong>Med denna studie kan vi se hur riskfördelningen är i Sverige på både läns- och kommunnivå med Stockholm som bas fall, vilket tidigare inte undersökts. Det finns många intressenter till studien speciellt branscher som bank- och försäkringsbranschen.</p>

Syfte: Den geografiska aspekten hos fondsparare har inte studerats tidigare och det är därför väldigt intressant att göra en studie inom detta område. Studien görs i samarbete med en av Sveriges storbanker. Huvudsyftet med studien är att undersöka om risktagandet hos svenska fondsparande, i en av Sveriges storbanker, skiljer sig åt mellan olika län och kommuner. Jag undersöker även frågor som: ·           Vilket av könen tar störst risk?  ·           Tar yngre eller äldre störst risk? ·           Tar äldre kvinnor större risk än äldre män? ·           Beror portföljvärdet på hur stor risk placeraren tar? ·           Påverkar andelsvärde av portföljens risktagande? ·           Fondsparare som har sin hemvist i en storstad (Stockholm, Göteborg och Malmö) tar dessa större risker än män/kvinnor som bor utanför storstäderna? ·           Skiljer sig risktagandet mellan åren 2001- 2007?   Metod: Den empiriska metoden multipel linjär regression, så kallad Ordinary Least Square används i studien. Jag har erhållit data från en av Sveriges storbanker och jag använder storbankens egna riskmått. Det riskmått som är av störst intresse är total risk, för att det är just detta riskmått som kunder möter.   Resultat &amp; slutsats: Resultatet som följer presenteras från riskmåttet total risk. Kvinnor är mindre riskbenägna än män. Äldre är mindre riskbenägna än yngre och äldre kvinnor är mindre riskbenägna än män i samma ålder. Ju större portföljvärdet är desto mindre riskbenägen är investeraren. Ju större andelsvärdet är av portföljvärdet desto mindre är risken i just det innehavet. Individer som bor i en storstad har ett större risktagande i sitt fondsparande.   Det är 11 län som är mindre riskbenägna och fem är mer riskbenägna än Stockholms län. Fyra av länen blev ej statistiskt signifikanta och därmed går inte att avgöra om investerare i dessa län är mer eller mindre riskbenägna än investerare i Stockholms län.   Det är investerare i 99 kommuner som är mindre riskbenägna och 97 kommuner som är mer riskbenägna än investerare i Stockholms kommun.110 av kommunerna blev ej statistiskt signifikanta.         Förslag till fortsatt forskning: Det skulle vara av intresse att undersöka vilka andra oberoende variabler som kan påverka risktagandet hos en investerare. Intressanta variabler som ofta förekommer i vetenskapliga artiklar är civil status, hur många köp/sälj investeraren gör, investerarens akademiska grad och religion.   Uppsatsens bidrag: Med denna studie kan vi se hur riskfördelningen är i Sverige på både läns- och kommunnivå med Stockholm som bas fall, vilket tidigare inte undersökts. Det finns många intressenter till studien speciellt branscher som bank- och försäkringsbranschen.

The present study aimed to apply the framing effects in prospect theory to examine college students¡¦ risk tendencies under the context of educational marketing. Prospect theory proposes that framing effects result in a preference for risk-averse choices in gain situations and risk-seeking choices in loss situations. Frame in this research was treated as a between-subjects factor. Participants were randomly assigned to either the gain or loss condition with the counter-balanced method. The decision tasks consisted of four domains of marketing mix, i.e., product, price, place, and promotion. The results showed that participants¡¦ risk tendencies were in accordance with the predictions from the perspective of framing effects. Reference points were employed by participants to determine gain or loss framing. Specifically, risk-averse tendencies were more prominent in gain situations than those in loss situations, whereas risk-seeking tendencies were more pronounced in loss situations than those in gain situations. Hence, in order to produce desirable outcomes of marketing mix in educational marketing, marketers in higher education should take the influences of reference point and framing effects on decision-making into consideration.

Addressing fairness among users and risk mitigation in the context of resource allocation in transportation systems under uncertainties poses a crucial challenge yet to be satisfactorily resolved. This dissertation attempts to address this challenge, focusing on achieving a balance between system-wide efficiency and individual fairness in stochastic transportation resource allocation problems. To study complicated fair and risk-averse resource allocation problems - from public transit to urban air mobility and multi-stage infrastructure maintenance - we develop three models: DrFRAM, FairUAM, and FCMDP. Each of these models, despite being proven NP-hard even in a simplistic case, inspires us to develop efficient solution algorithms. We derive mixed-integer linear programming (MILP) formulations for these models, leveraging the unique properties of each model and linearizing non-linear terms. Additionally, we strengthen these models with valid inequalities. To efficiently solve these models, we design exact algorithms and approximation algorithms capable of obtaining near-optimal solutions. We numerically validate the effectiveness of our proposed models and demonstrate their capability to be applied to real-world case studies to adeptly address the uncertainties and risks arising from transportation systems. This dissertation provides a foundational platform for future inquiries of risk-averse resource allocation strategies under uncertainties for more efficient, equitable, and resilient decision-making. Our adaptable framework can address a variety of transportation-related challenges and can be extended beyond the transportation domain to tackle resource allocation problems in a broader setting. / Doctor of Philosophy / In transportation systems, decision-makers constantly strive to devise the optimal plan for the most beneficial outcomes when facing future uncertainties. When optimizing overall efficiency, individual fairness has often been overlooked. Besides, the uncertainties in the transportation systems raise serious questions about the adaptability of the allocation plan. In response to these issues, we introduce the concept of fair and risk-averse resource allocation under uncertainties in this dissertation. Our goal is to formulate the optimal allocation plan that is both fair and risk-averse amid uncertainties. To tackle the complexities of fair and risk-averse resource allocation problems, we propose innovative methods and practical algorithms, including creating novel formulations as well as deriving super-fast algorithms. These solution approaches are designed to accommodate the fairness, uncertainties, and risks typically in transportation systems. Beyond theoretical results, we apply our frameworks and algorithms to real-world case studies, thus demonstrating our approaches' adaptability to various transportation systems and ability to achieve various optimization goals. Ultimately, this dissertation aims to contribute to fairer, more efficient, and more robust transportation systems. We believe our research findings can help decision-makers with well-informed choices about resource allocation in transportation systems, which, in turn, lead to the development of more equitable and reliable systems, benefiting all the stakeholders.

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Taiwan has an ageing population, with more people in the concern of not having sufficient income stream during retired life. This study investigates the ageing issue through socioeconomic perspectives. It is recommended that apart from low interest-bearing term deposits, Interest-Sensitive Annuity is the most suitable solution for countering longevity risk. Through case studies, it has been found that 1, due to Annuity Puzzle sentiment, term depositors will continue to invest in Interest-Sensitive Annuities, regardless of the low interest rate environment. 2, Interest-Sensitive Annuity investors are as risk-averse as term depositors, implying that they do not necessarily choose the surrender option upon expiry. 3, due to customer sentiment, the Interest-Sensitive Annuity policy fees charged are inversely correlated to customers¡¦ willingness to invest. 4, by selling low-commission products, namely one- and two-year Interest-Sensitive Annuities through bancassurance channel, insurance companies enjoy the benefit of low cost capital and are able to reduce interest spread risk through efficient investments. Moreover, customers have their retirement needs covered while insurance salespeople of different channels are able to meet respective sales targets. It is therefore shown that Interest-Sensitive Annuities have the following benefits. For investors, it is the product type that best meets their needs. For insurance salespeople, they enjoy a diverse and complete product portfolio and for insurance companies, it maximizes operation efficiency. Unfortunately, after the termination of one- and two-year Interest-Sensitive Annuities on the market, insurance company capital costs have been negatively impacted, with retirement and longevity risks unsatisfied and insurance salespeople having less products to choose from. It is suggested that the regulator considers re-introducing one- and two-year Interest-Sensitive Annuities, using Risk-Based Capital as a complement in monitoring insurance companies.

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In Chapter 1 I study the iterative strategy elimination mechanisms for normal form games. The literature is mostly clustered around the order of elimination. The conventional elimination also requires more strict knowledge assumptions if the elimination is iterative. I define an elimination process which requires weaker rationality. I establish some preliminary results suggesting that my mechanism is order independent whenever iterative elimination of weakly dominated strategies (IEWDS) is so. I also specify conditions under which the \undercutting problem" occurs. Comparison of other elimination mechanisms in the literature (Iterated Weak Strategy Elimination, Iterated Strict Strategy Elimination, Generalized Strategy Eliminability Criterion, RBEU, Dekel-Fudenberg Procedure, Asheim- Dufwenberg Procedure) and mine is also studied to some extent. In Chapter 2 I study the axiomatic characterization of a well-known bankruptcy rule: Proportional Division (PROP). The rule allocates shares proportional to agents' claims and hence, is intuitive according to many authors. I give supporting evidence to this opinion by first defining a new type of consistency requirement, i.e. union-consistency and showing that PROP is the only rule that satisfies anonymity, continuity and union-consistency. Note that anonymity and continuity are very general requirements and satisfied by almost all the rules that have been studied in this literature. Thus, I prove that we can choose a unique rule among them by only requiring union-consistency. Then, I define a bankruptcy operator and give some intuition on it. A bankruptcy operator is a mapping from the set of bankruptcy operators to itself. I prove that any rule will converge to PROP under this operator as the claims increase. I show nice characteristics of the operator some of which are related to PROP. I also give a definition for continuity of an operator. In Chapter 3 investigate risk-averse investors' behaviour towards a risky firm. In order to find Pareto Optimal allocations regarding a joint venture, I employ a 2-stage game, first stage of which involves a social-planner committing to an ex-post bankruptcy rule. A bankruptcy rule is a set of suggestions for solving each possible bankruptcy problem. A bankruptcy problem occurs when there is not enough endowment to allocate to the agents each of whom has a claim on it. I devise the game-theoretic approach posed in K1br1s and K1br1s (2013) and extend it further. In fact, that paper considers a comparison among 4 renowned bankruptcy rules whereas mine do not restrict attention to any particular rule but rather aim to find a Pareto Optimal(PO) one. I start with 2 agent case in order to give some insight to the reader and then, generalise the results to an arbitrary number of investors. I find socially desirable (PO) allocations and show that the same can be achieved through financial markets by the help of some well-known results.

Electric power is one of the most critical parts of everyday life; from lighting, heating, and cooling homes to powering televisions and computers. The modern power grids face several challenges such as efficiency, sustainability, and reliability. Increase in electrical energy demand, distributed generations, integration of uncertain renewable energy resources, and demand side management are among the main underlying reasons of such growing complexity. Additionally, the elements of power systems are often vulnerable to failures because of many reasons, such as system limits, poor maintenance, human errors, terrorist/cyber attacks, and natural phenomena. One common factor complicating the operation of electrical power systems is the underlying uncertainties from the demands, supplies and failures of system components. Stochastic optimization approaches provide mathematical frameworks for decision making under uncertainty. It enables a decision maker to incorporate some knowledge of the uncertainty into the decision making process to find an optimal trade off between cost and risk. In this dissertation, we focus on application of three risk-averse approaches to power systems modeling and optimization. Particularly, we develop models and algorithms addressing the cost-effectiveness and reliability issues in power grids with integrations of renewable energy resources. First, we consider a unit commitment problem for centralized hydrothermal systems where we study improving reliability of such systems under water inflow uncertainty. We present a two-stage robust mixed-integer model to find optimal unit commitment and economic dispatch decisions against extreme weather conditions such as drought years. Further, we employ time series analysis (specifically vector autoregressive models) to construct physical based uncertainty sets for water inflow into the reservoirs. Since extensive formulation is impractical to solve for moderate size networks we develop an efficient Benders' decomposition algorithm to solve this problem. We present the numerical results on real-life case study showing the effectiveness of the model and the proposed solution method. Next, we address the cost effectiveness and reliability issues considering the integration of solar energy in distributed (decentralized) generation (DG) such as microgrids. In particular, we consider optimal placement and sizing of DG units as well as long term generation planning to efficiently balance electric power demand and supply. However, the intermittent nature of renewable energy resources such as solar irradiance imposes several difficulties in decision making process. We propose two-stage stochastic programming model with chance constraints to control the risk of load shedding (i.e., power shortage) in distributed generation. We take advantage of another time series modeling approach known as autoregressive integrated moving average (ARIMA) model to characterize the uncertain solar irradiance more accurately. Additionally, we develop a combined sample average approximation (SAA) and linearization techniques to solve the problem more efficiently. We examine the proposed framework with numerical tests on a radial network in Arizona. Lastly, we address the robustness of strategic networks including power grids and airports in general. One of the key robustness requirements is the connectivity between each pair of nodes through a sufficiently short path, which makes a network cluster more robust with respect to potential disruptions such as man-made or natural disasters. If one can reinforce the network components against future threats, the goal is to determine optimal reinforcements that would yield a cluster with minimum risk of disruptions. We propose a risk-averse model where clusters represents a R-robust 2-club, which by definition is a subgraph with at least R node/edge disjoint paths connecting each pair of nodes, where each path consists of at most 2 edges. And, develop a combinatorial branch-and-bound algorithm to compare with an equivalent mathematical programming approach on random and real-world networks.

The debt-to-equity ratio is useful for showing a company ́s financial capacity. As a result of the accompanying risks that a high level of leverage entails, most companies strive to be financed by equity as much as possible. However, tax benefits obtained through debt financing add complexity to the issue as a trade-off between risk and reward should be carefully considered. Previous empirical literature has shown that there is a relationship between the composition of the board, the gender of the CEO and the company’s capital structure.  The purpose of this study is to describe and analyze the relationship between the composition of the board and the CEO’s gender as well as the company’s capital structure in Swedish listed companies of Large, Mid and Small Cap between the years 2016 – 2020. This is done through a quantitative method where secondary data is analyzed through a multiple regression analysis. The result shows that there is no statistically significant relationship between the composition of the board and the company’s debt-to-equity ratio, while there is a negative statistically significant relationship between the CEO’s gender and the company’s debt-to-equity ratio. This leads to one of the study’s two hypotheses being rejected while the other hypothesis is accepted.