more general expected utility maximization in continuous time, the assumptions of constant relative risk aversion and joint … discrete time constant relative risk aversion and joint normally distributed asset return assessments are sufficient to yield …

it is found that symmetry implies a particular type of risk averse portfolio behavior. The symmetry restriction is also …

The non-tradability of human capital is often cited for the failure of traditional asset pricing theory to explain … the form of labor contracts). We derive wages endogenously as part of a dynamic equilibrium in a production economy. Risk … facilitate this risk sharing because it is there that firms offload the labor market risk they assumed from workers. In effect …