infringements. It gives promises for both solving fundamental problems of economic theory and creation of new directions and fields …

Risk exposure can be efficiently optimized in practical situations, using a new apporach to identification of investor …'s risk aversion. …

A man is a key subject of economics and economic theory. “A man is irrational” - this opinion can be made from Allais … paradox, risk aversion and other well-known fundamental problems. For a long time, this opinion was a barrier to proper … solution of these problems and the development of the economic theory. A radically new approach has been proposed. It considers …

linearized incomplete markets model, enriched to incorporate risk- sharing while maintaining tractability. Our estimates suggest … that taking risk sharing into account is important for the model fit; that the increase in inequality in the 1980s was … mainly permanent; and that inequality is driven almost entirely by idiosyncratic income risk. In addition we find no evidence …

weekly expenditure data from the FES we estimate the coefficient of relative risk aversion (point estimates are between 2 and …

A quadratic discrete time probabilistic model, for optimal portfolio selection in (re-)insurance is studied. For …

Prescott (1985) economy by allowing investors’ coefficient of relative risk aversion to depend partly on their current feelings … potential loss. In an attempt to maintain their good mood, investors become less willing to bear any portfolio risk, i.e. they … become more risk averse. Extremely mild procyclical changes (a standard deviation of about one percentage point) in investors …