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Are these individuals exposed to greater risk than the average individual , are they more risk averse , or are they a ... by developing a structural econometric model and estimating the joint dis- tribution of risk and risk aversion .
Are these individuals exposed to greater risk than the average individual , are they more risk averse , or are they a ... by developing a structural econometric model and estimating the joint dis- tribution of risk and risk aversion .
Página 765
A CARA spec- ification suggests a significantly lower value for average risk aversion , making the mean individ- ual indifferent about a 50-50 lottery of gaining $ 100 or losing $ 76.51 . The results from the incomplete information ...
A CARA spec- ification suggests a significantly lower value for average risk aversion , making the mean individ- ual indifferent about a 50-50 lottery of gaining $ 100 or losing $ 76.51 . The results from the incomplete information ...
Página 766
Profits , for example , are affected directly by risk but not by risk aversion , so the comparison above could be misleading . Therefore , we relegate the discus- sion of this issue to Section IIIF , where we show that even when we look ...
Profits , for example , are affected directly by risk but not by risk aversion , so the comparison above could be misleading . Therefore , we relegate the discus- sion of this issue to Section IIIF , where we show that even when we look ...
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EDMUND S PHELPS | 541 |
O 2 0 2007 | 713 |
ALMA COHEN AND LIRAN EINAV | 745 |
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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