Athanasoulis, Stefano; Shiller, Robert J. - School of Management, Yale University - 2001
the most important 'residual' risk-sharing opportunities among peoples of the world. The risk-sharing opportunities we … of eigenvectors of a transformed variance matrix of world incomes, but with this method the transformation is to use the … residuals when incomes are regressed on world income instead of deviations of incomes from average world income as in …