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The expected inflation rate , x , takes the role of the state variable played by the capital stock in Ramsey's model ; the deviation of the actual inflation rate , f , from x is analogous to the deviation of consumption from income .
The expected inflation rate , x , takes the role of the state variable played by the capital stock in Ramsey's model ; the deviation of the actual inflation rate , f , from x is analogous to the deviation of consumption from income .
Página 776
49 Deviations from Expected Utility Theory.- Throughout the paper , we restrict attention to expected utility maximizers . Despite much ev- idence in the literature against some of the pre- dictions of expected utility theory , it still ...
49 Deviations from Expected Utility Theory.- Throughout the paper , we restrict attention to expected utility maximizers . Despite much ev- idence in the literature against some of the pre- dictions of expected utility theory , it still ...
Página 1049
Yet if a person had been expecting risk to start with , paying $ 0 instead of $ 100 can decrease expected losses , and paying $ 100 might just decrease expected gains , so the gamble is less aversive . When the ex ante expected risk is ...
Yet if a person had been expecting risk to start with , paying $ 0 instead of $ 100 can decrease expected losses , and paying $ 100 might just decrease expected gains , so the gamble is less aversive . When the ex ante expected risk is ...
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agents aggregate American Economic Review analysis assets assume assumption average behavior benchmark Beveridge curve business cycles candidates capital changes choice coefficient cointegration consumer consumption contracts correlation cost of business countercyclical deductible degree distributions distribution durables effect empirical equation equilibrium estimated exchange expected Figure firms function given growth HIP model households implies impulse responses income increase individuals inflation inventory investment investment rate Journal of Economics labor market loss aversion marginal likelihood matching Matthew Rabin ment Michael Woodford monetary policy nodes nomic observed optimal output pairs paper parameters patients percent policy shock post.com preferences procyclical production Proposition random regime relative response risk aversion sample Section sector Shapley value side payments simulations sticky prices stochastic Table theory tion tradable unemployment utility variables variance volatility vouchers wage workers Yangzi Delta