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DCフィールド | 値 | 言語 |
---|---|---|
dc.contributor.author | Hara, Chiaki | en |
dc.date.accessioned | 2010-10-26T03:03:02Z | - |
dc.date.available | 2010-10-26T03:03:02Z | - |
dc.date.issued | 2005-12 | - |
dc.identifier.uri | http://hdl.handle.net/2433/129525 | - |
dc.description.abstract | We prove that every continuous-time model in which all consumers have time-homogeneous and time-additive utility functions and share a common probabilistic belief and a common discount rate can be reduced to a static model. This result allows us to extend some of the existing results on the representative consumer and risk-sharing rules in static models to continuous-time models. We show that the equilibrium interest rate is lower and more volatile than in the standard representative consumer economy, and that the individual consumption growth rates are more dispersed than is predicted from the first-order conditions. | en |
dc.format.mimetype | application/pdf | - |
dc.language.iso | eng | - |
dc.publisher | Institute of Economic Research, Kyoto University | en |
dc.publisher.alternative | 京都大学経済研究所 | ja |
dc.subject | Heterogeneity | en |
dc.subject | risk attitudes | en |
dc.subject | hyperbolic absolute risk aversion | en |
dc.subject | representative consumer | en |
dc.subject | risk-sharing rules | en |
dc.subject | mutual fund theorem | en |
dc.subject | Ito's Lemma | en |
dc.subject | interest rates | en |
dc.subject.ndc | 330 | - |
dc.title | Heterogeneous Risk Attitudes in a Continuous-Time Model | en |
dc.type | research report | - |
dc.type.niitype | Research Paper | - |
dc.identifier.jtitle | KIER Discussion Paper | en |
dc.identifier.volume | 609 | - |
dc.textversion | author | - |
dc.sortkey | 00609 | - |
dc.relation.url | http://ideas.repec.org/p/kyo/wpaper/609.html | - |
dcterms.accessRights | open access | - |
出現コレクション: | KIER Discussion Paper (英文版) |
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