2 papers
q-fin.GN2026
Multi-Agent AI as a Nested Principal-Agent Problem in Private Wealth Management: Mandate Representation and Evidence Control in Switzerland, Germany and Austria
Walter Kurz, Reinhard Magg, Florian Kollberg +4
In private wealth management, a manager delegating to artificial intelligence (AI) acts as the client's agent and the system's principal. We introduce a model-independent formulati…
q-fin.GN2026
Firm Valuation When AI Shapes the Business Model: A Milestone-Based Real-Options Framework for the AI Valuation Uncertainty Problem
Walter Kurz, Wojtek Stricker, Stefan Marx +2
Standard valuation methods, including discounted cash flow, the income approach standard IDW S 1 of the Institute of Public Auditors in Germany, and market multiples, compress mile…