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Rational expectations and ambiguity: A comment on Abel (2002)
Zimper, Alexander; Ludwig, Alexander - In: Economics Bulletin 4 (2006) 2, pp. 1-15
Abel (2002) proposes a resolution of the riskfree rate and the equity premium puzzles by considering pessimism and doubt. Pessimism is characterized by subjective probabilistic beliefs about consumption growth rates that are stochastically dominated by the objective distribution. The subjective...
Persistent link: https://www.econbiz.de/10010835899
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A Comparative Analysis of IPO Proceeds Under Alternative Regulatory Environments: A Comment.
Brisley, Neil - In: Economics Bulletin 7 (2003) 1, pp. 1-7
We clarify and reinterpret the results of Benveniste and Wilhelm (1990) concerning the effect of a uniform price restriction on the proceeds of an IPO. If regular institutional investors are, on average, at least as well informed as ordinary retail investors then our corrected version of...
Persistent link: https://www.econbiz.de/10005196448
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Rational expectations and ambiguity: A comment on Abel (2002)
Zimper, Alexander; Ludwig, Alexander - In: Economics Bulletin 4 (2006) 2, pp. 1-15
Abel (2002) proposes a resolution of the riskfree rate and the equity premium puzzles by considering pessimism and doubt. Pessimism is characterized by subjective probabilistic beliefs about consumption growth rates that are stochastically dominated by the objective distribution. The subjective...
Persistent link: https://www.econbiz.de/10005416970
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A Comparative Analysis of IPO Proceeds Under Alternative Regulatory Environments: A Comment.
Brisley, Neil - In: Economics Bulletin 7 (2003) 1, pp. 1-7
We clarify and reinterpret the results of Benveniste and Wilhelm (1990) concerning the effect of a uniform price restriction on the proceeds of an IPO. If regular institutional investors are, on average, at least as well informed as ordinary retail investors then our corrected version of...
Persistent link: https://www.econbiz.de/10010630091
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Is trust an ambiguous rather than a risky decision?
Corcos, Anne; Pannequin, François; Bourgeois-gironde, Sacha - In: Economics Bulletin 32 (2012) 3, pp. 2255-2266
According to an early approach, the decision to trust in the one-shot anonymous trust game is intuitively tantamount to … investors in the trust game. They found no correlation: trust decision cannot be viewed as a risky decision. However, since the … probabilities of possible returns are unknown, we argue that trust behavior may correlate more specifically with ambiguity aversion …
Persistent link: https://www.econbiz.de/10011278612
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Financial Confidence Among Retirees: The Role of Financial Advice and Planning Duration
Chatterjee, Swarnankur; Salter, John R.; Harness, … - In: Economics Bulletin 31 (2011) 1, pp. 315-323
This paper examines the factors contributing to the financial confidence of retirees using the 2008 wave of a new nationally representative proprietary dataset of retirees. The results indicate that income, risk tolerance, duration of pre-retirement financial planning, and the utilization of...
Persistent link: https://www.econbiz.de/10008788576
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How well can business cycle accounting account for business cycles?
Otsu, Keisuke - In: Economics Bulletin 32 (2012) 2, pp. 1774-1784
The business cycle accounting method introduced by Chari, Kehoe and McGrattan (2007) is a useful tool to decompose business cycle fluctuations into their contributing factors. However, the model estimated by the maximum likelihood method cannot replicate business cycle moments computed from...
Persistent link: https://www.econbiz.de/10011278686
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Investigating effects of oil price changes on the US, the UK and Japan
Yoshizaki, Yasunori - In: Economics Bulletin 31 (2011) 3, pp. 2641-2652
Based on the structural VAR model of the global crude oil market proposed by Kilian(2009), this article investigates the causes for wild fluctuations in oil prices since the mid-2000s. A main contribution of the study is to compare the effects of changes in oil price on three major economies,...
Persistent link: https://www.econbiz.de/10009293600
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Intertemporally non-separable monetary-asset risk adjustment and aggregation
Barnett, William; Wu, Shu - In: Economics Bulletin 5 (2004) 13, pp. 1-9
Modern aggregation theory and index number theory were introduced into monetary aggregation by Barnett (1980). The widely used Divisia monetary aggregates were based upon that paper. A key result upon which the rest of the theory depended was Barnett's derivation of the user-cost price of...
Persistent link: https://www.econbiz.de/10010835798
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Flow Structure in Nepal and the Benefit to the Poor
Acharya, Sanjaya - In: Economics Bulletin 15 (2007) 17, pp. 1-14
In this paper we use the latest Social Accounting Matrix (SAM) for Nepal and some complementary data to specify the concentration of the poor in this typical South Asian village economy. Applying SAM multipliers, we analyze the flow structure in Nepalese economy. On top of this analysis, we...
Persistent link: https://www.econbiz.de/10010835972