weight on downside risk [as modeled by Gul (1991)]. Policy uncertainty is induced by the Disappointment aversion implies that …

weight on downside risk [as modeled by Gul (1991)]. Policy uncertainty is induced by the Disappointment aversion implies that …

The purpose of this study is to draw attention to the linkages between country risk and the openness of an economy, and … endowments and policies. The presence of country risk poses a problem for the smooth operation of international credit markets … optimal implementation of these policies. Our analysis demonstrates that a rise in country risk is associated with more …

-averse entrepreneurs discount using a 'hurdle rate' that exceeds the risk-free interest rate. The gap between the two rates increases with …