Otto Loistl held the Chair of Banking and Finance at the University of Paderborn (1975-1991) and later chaired the Institute for Investment Banking and Catallactics at Vienna University (1991-2008). His research in real capital markets includes developing a market microstructure model, advising the Frankfurt Stock Exchange, and contributing to Xetra’s market surveillance.Georg Behm earned his doctorate at Vienna University of Economics and Business with a thesis on valuing innovative companies under Prof. Loistl. He is a court-certified expert in corporate valuation and advises on corporate finance and M&A, with extensive experience in valuation methodologies.Sascha Bakry graduated from Vienna University of Economics and Business, focusing on discounted cash flow valuation with constant risk premia and risky debt under Prof. Loistl’s supervision. He is currently a Partner at Deloitte Austria, specializing in Banking, Treasury, and Capital Markets.

• Preface: Beyond Markowitz: Trading turns volatilities into profits.- Introduction.- Decision-making with Known Probabilities of Outcome.- Performance of Real Trading Venues.- Discrete Choice Capabilities to Select Orders.- Decision Frame Modelling.- Entropy and Economic Efficiency.- Outlook.

Otto Loistl held the Chair of Banking and Finance at the University of Paderborn (1975-1991) and later chaired the Institute for Investment Banking and Catallactics at Vienna University (1991-2008). His research in real capital markets includes developing a market microstructure model, advising the Frankfurt Stock Exchange, and contributing to Xetra’s market surveillance.Georg Behm earned his doctorate at Vienna University of Economics and Business with a thesis on valuing innovative companies under Prof. Loistl. He is a court-certified expert in corporate valuation and advises on corporate finance and M&A, with extensive experience in valuation methodologies.Sascha Bakry graduated from Vienna University of Economics and Business, focusing on discounted cash flow valuation with constant risk premia and risky debt under Prof. Loistl’s supervision. He is currently a Partner at Deloitte Austria, specializing in Banking, Treasury, and Capital Markets.

• Preface: Beyond Markowitz: Trading turns volatilities into profits.- Introduction.- Decision-making with Known Probabilities of Outcome.- Performance of Real Trading Venues.- Discrete Choice Capabilities to Select Orders.- Decision Frame Modelling.- Entropy and Economic Efficiency.- Outlook.

Otto Loistl held the Chair of Banking and Finance at the University of Paderborn (1975-1991) and later chaired the Institute for Investment Banking and Catallactics at Vienna University (1991-2008). His research in real capital markets includes developing a market microstructure model, advising the Frankfurt Stock Exchange, and contributing to Xetra’s market surveillance.Georg Behm earned his doctorate at Vienna University of Economics and Business with a thesis on valuing innovative companies under Prof. Loistl. He is a court-certified expert in corporate valuation and advises on corporate finance and M&A, with extensive experience in valuation methodologies.Sascha Bakry graduated from Vienna University of Economics and Business, focusing on discounted cash flow valuation with constant risk premia and risky debt under Prof. Loistl’s supervision. He is currently a Partner at Deloitte Austria, specializing in Banking, Treasury, and Capital Markets.

• Preface: Beyond Markowitz: Trading turns volatilities into profits.- Introduction.- Decision-making with Known Probabilities of Outcome.- Performance of Real Trading Venues.- Discrete Choice Capabilities to Select Orders.- Decision Frame Modelling.- Entropy and Economic Efficiency.- Outlook.