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Gains and losses: the same or different choices? A “non-ideal” economics approach.
Harin, Alexander - EconWPA - 2005
Ideal economics? A “non-ideal” economics approach has been proposed, which considers the possibility of arrangement infringements. It gives promises for both solving fundamental problems of economic theory and creation of new directions and fields of research. The approach application in...
Persistent link: https://www.econbiz.de/10005124942
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The Choice of Institutions: The Role of Risk and Risk-Aversion
Weinhold, Diana; Zak, Paul J. - EconWPA - 2005
Institutions can affect individual behavior both via their efficiency impact and via their risk reducing mechanisms … simultaneously extant institutions. This paper presents a simple model of institutional choice in a labor market when there is a risk …-sectional survey data from China, we find that risk and risk aversion are strongly related to the choice of a labor market institution …
Persistent link: https://www.econbiz.de/10005118909
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Liquidity Constraint and Household Portfolio in Japan
KASUGA, Norihiro; Matsuura, Katsumi - EconWPA - 2005
In this paper, we analyze the financial asset selection behavior of Japanese households. Especially, we focus on whether or not liquidity constraint decreases the amount of a householdfs risky assets. To investigate this, we first empirically examine which types of household suffer from...
Persistent link: https://www.econbiz.de/10005118884
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Optimization of Risk Exposure
Gretchikha, Alexei - EconWPA - 2002
Risk exposure can be efficiently optimized in practical situations, using a new apporach to identification of investor …'s risk aversion. …
Persistent link: https://www.econbiz.de/10005134885
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Risk Aversion, Beliefs, and Prediction Market Equilibrium
Gjerstad, Steven - EconWPA - 2004
prediction market with risk neutral traders. He finds that there can be a substantial difference between the mean belief that an … demonstrating that both risk aversion and the distribution of traders’ beliefs significantly affect the equilibrium price. For … coeffcients of relative risk aversion near those estimated in empirical studies and for plausible belief distributions, the …
Persistent link: https://www.econbiz.de/10005135086
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Endogenous Growth Models in Open Economies: A Possibility of Permanent Current Account Deficits
Harashima, Taiji - EconWPA - 2005
The paper explores the impacts of heterogeneity in degree of relative risk aversion on the balance on current account … heterogeneity in degree of relative risk aversion generates persisting current account deficits. The deficit continues permanently …, but its ratio to output stabilizes. With evidence that the degree of relative risk aversion in Japan is relatively higher …
Persistent link: https://www.econbiz.de/10005062580
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Acturial Adjustment Aspects of Public Pension Schemes
Galuscak, Kamil - EconWPA - 2001
at least 25% greater than it is in the case when discounting is neglected. Moreover when accouting for risk aversion …
Persistent link: https://www.econbiz.de/10005408311
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THEORY AND MISBEHAVIOR OF FIRST-PRICE AUCTIONS: THE IMPORTANCE OF INFORMATION FEEDBACK IN EXPERIMENTAL MARKETS
Neugebauer, Tibor; Perote, Javier - EconWPA - 2005
This article reports the results of a market experiment designed to test the predictions of the constant relative risk … information feedback, the data support the risk neutral Nash equilibrium prediction; with price information feedback, on the other … hand, subjects overbid the risk neutral Nash equilibrium significantly. The constant relative risk aversion model is …
Persistent link: https://www.econbiz.de/10005556692
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Asymmetric loss utility: an analysis of decision under risk
Strashny, Alex - EconWPA - 2004
This paper develops a utility model for evaluating lotteries. In estimating utility, risk averse people use an … researchers to directly specify their attitudes toward risk. …
Persistent link: https://www.econbiz.de/10005118544
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Asymmetric loss utility: an analysis of decision under risk
Strashny, Alex - EconWPA - 2004
This paper develops a utility model for evaluating lotteries. In estimating utility, risk averse people use an … model allows researchers to directly specify their attitudes toward risk. The model is advantageous for two reasons. First …
Persistent link: https://www.econbiz.de/10005118587