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A decision maker suspects that parameters of a set of structured parametric probability models vary over time in unknown ways that he does not describe probabilistically. He expresses a fear that all of these parametric models are misspeci ed by also wanting to consider alternative unstructured...
Persistent link: https://www.econbiz.de/10012955704
examples featuring consumption externalities, recursive utility, and jump risk …
Persistent link: https://www.econbiz.de/10012906129
differ from the well understood risk prices widely used in asset pricing theory. A quantitative example highlights a …
Persistent link: https://www.econbiz.de/10014123716