maximizationproblem by a recursive construction and derive many importantproperties. For example, precautionary savings and the …

drives higher rates of nationalsaving, the theory of speculative commodity storage and its implications for the time …

This paper analyzes dynamic equilibrium risk sharing contracts between profit-maximizing intermediaries and a large …. We then show that our contract economy is equivalent to a consumption-savings economy with one-period Arrow securities …, even though a risk allocation superior to autarky can be achieved. …

paper tries ananswer by bringing together two disparate literatures: the macro (growth)theory on habit formation and the …

In this paper, I present a theory of dynamic economic growth, business cycles, and asset pricing that integrates (1 … intertemporal consumption and portfolio decisions by risk-averse capitalists facing a contractual labor cost. …

representative agents coefficient of relative risk aversion to vary with the underlying economys growth rate. Existence of … risk aversion, the equilibrium risk free and risky security returns are demonstrated to have volatilities and an associated …

experiments. We show how relative degrees of changes in risk over time can predict choices. … explained by an individual’s perception of the risk that is involved whenever an outcome is to be received in the future. This … risk may concern the size of the actual outcome or the endowment consumption stream to which the outcome is added. Both …