function takes the form of cubic parabola, where the risk aversion behavior ends at the saddle point of the comprehensive … the ambiguity of the departure from risk-neutrality. This ambiguity can produce the ordinary risk seeking behavior as well … as mathematical catastrophes of Veblen-effect's imprudence and over prudence of family altruism. The comeback to risk …

This paper tests the validity of a single-factor (market) model to price consumer lending risk. It classifies US … revolving credit as default risk, show that the intercepts are indistinguishable from zero in 22 portfolios, and the average … default rate of a portfolio increases with its beta. The additional risk factors based on unemployment and income growth …

in response to changes in uncertainty. Among high risk borrowers or areas with more high risk borrowers, increased … uncertainty is associated with housing market illiquidity and a reduction in leverage. For low risk borrowers, these effects are …

This article represents an extension of the expansive credit risk and credit migration literature, prominent in the … corporate bond and securities risk pricing literature, to an analysis of the drift of consumer credit scores. A rich data set of …