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Measuring the Output and Prices of the Lottery Sector : An Application of Implicit Expected Utility Theory
Yu, Kam - 2008
Using implicit expected utility theory, a money metric of utility derived from playing a lottery game is developed …
Persistent link: https://www.econbiz.de/10012771827
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"Might Not Be a Tomorrow" : A Multi-Methods Approach to Anticipated Early Death and Youth Crime
Brezina, Timothy - 2010
A number of researchers point to the anticipation of early death, or a sense of quot;futurelessness,quot; as a contributing factor to youth crime and violence. Young people who perceive a high probability of early death, it is argued, may have little reason to delay gratification for the promise...
Persistent link: https://www.econbiz.de/10012758458
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Risk Attitudes in Health : An Exploratory Study
Breyer, Friedrich; Fuchs, Victor R. - 2021
the money to the health context, examining the responses to a questionnaire by 325 patients from three outpatient … (favorable or unfavorable) health effect, the other one a probabilistic effect. The majority choices confirm the relevance for … the health context of all three above-mentioned principles. Risk-aversion for gains, risk- seeking for losses and the …
Persistent link: https://www.econbiz.de/10013226937
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Betting Against Beta
Frazzini, Andrea - 2010
We present a model in which some investors are prohibited from using leverage and other investors' leverage is limited by margin requirements. The former investors bid up high-beta assets while the latter agents trade to profit from this, but must de-lever when they hit their margin constraints....
Persistent link: https://www.econbiz.de/10013135232
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The Economics of Cultural Transmission and Socialization
Bisin, Alberto - 2010
Cultural transmission arguably plays an important role in the determination of many fundamental preference traits (e.g., discounting, risk aversion and altruism) and most cultural traits, social norms, and ideological tenets ( e.g., attitudes towards family and fertility practices, and attitudes...
Persistent link: https://www.econbiz.de/10013136354
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What Does the Corporate Income Tax Tax? A Simple Model Without Capital
Kotlikoff, Laurence J. - 2010
The economics workings of the corporate income tax remain controversial. Harberger's seminal 1962 article viewed the tax as raising the cost of capital used to produce corporate goods. But corporate goods can be and generally are made by non-corporate firms, suggesting that the corporate tax...
Persistent link: https://www.econbiz.de/10013140993
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The Behavior of Savings and Asset Prices When Preferences and Beliefs are Heterogeneous
Tran, Ngoc-Khanh - 2011
Movements in asset prices are a major risk confronting individuals. This paper establishes new asset pricing results when agents differ in risk preference, time preference and/or expectations. It shows that risk tolerance is a critical concept driving savings decisions, consumption allocations,...
Persistent link: https://www.econbiz.de/10013122647
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Counterparty Risk Externality : Centralized Versus Over-the-Counter Markets
Acharya, Viral V. - 2011
We model the opacity of over-the-counter (OTC) markets in a setup where agents share risks, but have incentives to default and their financial positions are not mutually observable. We show that this setup results in excess "leverage" in that parties take on short OTC positions that lead to...
Persistent link: https://www.econbiz.de/10013125914
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Efficient Bailouts?
Bianchi, Javier - 2012
We develop a quantitative equilibrium model of financial crises to assess the interaction between ex-post interventions in credit markets and the buildup of risk ex ante. During a systemic crisis, bailouts relax balance sheet constraints and mitigate the severity of the recession. Ex ante, the...
Persistent link: https://www.econbiz.de/10013096860
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Bond Market Clienteles, the Yield Curve, and the Optimal Maturity Structure of Government Debt
Guibaud, Stéphane - 2013
We propose a clientele-based model of the yield curve and optimal maturity structure of government debt. Clienteles are generations of agents at different lifecycle stages in an overlapping-generations economy. An optimal maturity structure exists in the absence of distortionary taxes and...
Persistent link: https://www.econbiz.de/10013084209