assumptions. We accomplish this by relying on the plausible joint frictions of immediacy risk (excution risk) and asset …

In this paper we compare overall as well as downside risk measures with respect to the criteria of first and second … order stochastic dominance. While the downside risk measures, with the exception of tail conditional expectation, are … consistent with first order stochastic dominance, overall risk measures are not, even if we restrict ourselves to two …

investment. Uncertainty increases real option values making firms more cautious when investing or disinvesting. This is confirmed … both numerically for a model with a rich mix of adjustment costs, time-varying uncertainty, and aggregation over investment … investment response to demand shocks. This implies the responsiveness of firms to any given policy stimulus may be much lower in …

employment, investment and productivity, and a moderate loss in GDP. This temporary impact of a second moment shock is different …

alternative with constant risk level implies a higher level of inequality aversion. The experiment was conducted among 211 eight …Inequality aversion and risk aversion are widely assumed features of economic models. But a review of the literature … revealed that inequlity aversion and risk aversion are treated as separate variables. This paper presents exploratory research …