guasoni

portfolio choice transaction costs long-run loss aversion consumption performance evaluation leverage equilibrium liquidity mortality healthcare aging gompertz law options etfs tracking error dividends utility maximization arbitrage price-impact frictions hedging endowments leveraged etfs re endowment management long run high-water marks trading volume differential games operational risk internal fraud rogue trading forgiveness valuation repayment student loans continuous time heterogeneous preferences incomplete market payment systems cryptocurrencies bitcoin lightning network reference dependence personal equilibria complete market heterogeneous skill principal-agent optimal taxation intertemporal hedging filtering commodities financialization integration asset pricing investment