In a static Lucas's tree economy, we explore the effect of two types of background risk, uninsurable risk for labor income and miscalibrated risk for payoff distribution of risky asset, on the equilibrium price of the risky asset. Then we analyze the data of U.S. stock market and GDP growth...

The flow field of a nozzle starting process with thermal and chemical nonequilibrium has been simulated. This flow is produced in high enthalpy impulse facilities such as the free piston shock tunnel. The governing equations are the axisymmetric, compressible Navier–Stokes equations. In this...

Sufficient axioms are identified for the existence of a finite- dimensional quasilinear utility function whose lexicographically ordered vectors preserve a decision maker's preference order on a mixture set ${\cal M}$. It is shown that those axioms are also necessary for the linear lexicographic...