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US Corporate Bond Yield Spread: A default risk debate
Shah, Syed Muhammad Noaman Ahmed; Kebewar, Mazen - HAL - 2013
According to theoretical models of valuing risky corporate securities, risk of default is primary component in overall yield spread. However, sizable empirical literature considers it otherwise by giving more importance to non-default risk factors. Current study empirically attempts to provide...
Persistent link: https://www.econbiz.de/10010899951
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Subjective risk and disappointment
Chauveau, Thierry - HAL - 2012
If an investor does care for utilities -and not for monetary outcomes- stochastic dominances should be expressed in terms of utility units ("utils"). If so, any "rational" investor may be characterized by an elementary utility function -called canonical utility function- which is such that the...
Persistent link: https://www.econbiz.de/10011025681
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Stochastic dominance, risk and disappointment: a synthesis
Chauveau, Thierry - HAL - 2014
Although it is endowed with many interesting properties, the theory of decision-making under risk by Loomes and Sugden [1986] has never been given an axiomatics. In this paper, we make up for this omission because their lottery-dependent functional is endowed with many interesting properties to...
Persistent link: https://www.econbiz.de/10011025889
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Are More Risk-Averse Agents More Optimistic? Insights from a Simple Rational Expectations Equilibrium Model
Jouini, Elyès; Napp, Clotilde - HAL - 2008
We analyze the link between pessimism and risk-aversion. We consider a model of partially revealing, competitive rational expectations equilibrium with diverse information, in which the distribution of risk-aversion across individuals is unknown. We show that when a high individual level of...
Persistent link: https://www.econbiz.de/10008788916
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Male and Female Competitive Behavior: Experimental
Gupta, Nabanita Datta; Poulsen, Anders; Villeval, … - HAL - 2005
Male and female choices differ in many economic situations, e.g., on the labor market. This paper considers whether such differences are driven by different attitudes towards competition. In our experiment subjects choose between a tournament and a piece-rate pay scheme before performing a real...
Persistent link: https://www.econbiz.de/10008792259
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Qualitative Analysis of Fundamental Theoretical Tools Employed in Modelling Decision Making Problems
Protopopescu, Dan - HAL - 2006
The objective of this paper is to analyze fundamental theoretical tools employed in modelling decision making problems which involve multivariate risks. By exploiting the richness of the literature, we highlight the qualities as well as the “weaknesses” specific to a wide class of decision...
Persistent link: https://www.econbiz.de/10008793474
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La llegada del PT al gobierno brasileño: ¿un cambio de rumbo respecto a las posibilidades de desarrollo del país?
García, Bibiana Medialdea - HAL - 2013
Este trabajo parte de la idea de que la reproducción del subdesarrollo brasileño se explica por la persistencia de un conjunto de elementos que operan como obstáculos de carácter estructural, a los que nos referimos con el nombre de límites estructurales al desarrollo económico....
Persistent link: https://www.econbiz.de/10010820787
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Household Consumption at Retirement: A Regression Discontinuity Study on French Data
Moreau, Nicolas; Stancanelli, Elena - HAL - 2013
Earlier literature has investigated the drop in household consumption upon retirement of the head of the household, the … so-called "retirement consumption puzzle". Here, we expand on these studies by considering also retirement of the wife … approach to estimate the effect of each partner's retirement on household consumption. We use for the analysis data drawn from …
Persistent link: https://www.econbiz.de/10011025698
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Addiction to car use and dynamic elasticity measures in France
Collet, Roger; Lapparent, Mathieu De; Hivert, Laurent - HAL - 2010
This article presents a microeconometric analysis of the annual mileage travelled by French households with their personal cars, defining their automobility. To feature car use dependence, the rational addiction model of Becker et al. (1994) is applied on a panel dataset, drawn from the French...
Persistent link: https://www.econbiz.de/10009278319
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The impact of income distribution on consumption: a reassessment
Allain, Olivier - HAL - 2011
effects on investment, consumption and net exports. This study focuses on econometric issues about the consumption function …. Post Keynesians generally fail to find a long-run relation between consumption, wages, profits and wealth. However, taking … relation between income distribution and consumption. The empirical analysis applies on U.S. quarterly data for the period 1960-2007. …
Persistent link: https://www.econbiz.de/10010635064