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Persistent link: https://www.econbiz.de/10005259408
We explore the effect of interest rates on risk taking and find that it depends on the type of risk involved. In a Bayesian setting, investments can be risky either because payoff-relevant signals are noisy or because the dispersion of the prior is high. While both types of risk contribute...
Persistent link: https://www.econbiz.de/10011048540