empirical strategy to test whether oligopolistic frms use forward contracts for strategic motives, for risk-hedging, or for both …. An increase in the number of players weakens the incentives to sell forward for risk-hedging reasons.However, if …Building on a model of the interaction of risk-averse frms that compete in forward and spot markets, we develop an …

Consider a simple two-state risk with equal probabilities for the two states. In particular, assume that the random … way, we can extend and generalize existing results about risk attitudes. This lottery preference includes behavior … exhibiting higher order risk effects, such as precautionary effects and tempering effects. …

Dominance and further toDecreasing Absolute and Increasing Relative Risk Aversion Stochastic Dominance. The efficient sets …

risk aversion aspects of enterprises, it is demonstrated that situations characterized by enhanced exchange rate volatility …

empirical strategy to test whether oligopolistic firms use forward contracts for strategic motives, for risk-hedging, or for … both. An increase in the number of players weakens the incentives to sell forward for risk-hedging reasons. However, if …Building on a model of the interaction of risk-averse firms that compete in forward and spot markets, we develop an …

The literature has so far focused on the risk-return tradeoff in equity markets and ignored alternative risky assets … risk in the foreign exchange market. The paper provides new evidence on the intertemporal capital asset pricing model by … using high-frequency intraday data on currency and by presenting significant time-variation in the risk aversion parameter …

explains part of relative risk aversion, and the short term interest rate has some explanatory power for hedging components …I examine determinants of stochastic relative risk aversion in conditional asset pricing models. I first develop time … important determinant of relative risk aversion. Second, the CAY of Lettau and Ludvigson (2001a) without a look-ahead bias …