• Costs and benefits of speculation 

      Lensberg, Terje; Schenk-Hoppé, Klaus Reiner; Ladley, Daniel (Discussion paper;2012:12, Working paper, 2012-10)
      We quantify the effects of financial regulation in an equilibrium model with delegated portfolio management. Fund managers trade stocks and bonds in an order-driven market, subject to transaction taxes and constraints ...
    • On the Evolution of Investment Strategies and the Kelly Rule – A Darwinian Approach 

      Lensberg, Terje; Schenk-Hoppé, Klaus Reiner (Discussion paper, Working paper, 2006-12)
      This paper complements theoretical studies on the Kelly rule in evolutionary finance by studying a Darwinian model of selection and reproduction in which the diversity of investment strategies is maintained through genetic ...
    • Social capital formation : some theory and experimental evidence 

      Heijden, Eline van der; Lensberg, Terje (Discussion paper, Working paper, 2003-01)
      We use a rule-based decision model to study social capital formation and economic performance, where the agents are sometimes motivated by norms and sometimes by pure self-interest. In this framework, the normative concepts ...