We examine in this paper the effect of an early resolution of uncertainty on savings. We show that this effect is in general ambiguous. We provide necessary and sufficient conditions on the utility function which guarantee that an early resolution of uncertainty reduces current savings for...

We investigate in this paper the attitude towards risk of bettors in British horce races. The model we use allows us to go beyond the expected utility framework and to explore various alternative proposals by estimating a multinomial model on 34443-race dataset. We find that rank-dependant...

In addition to showing the connection between parallel contingent and noncontingent risk comparison problems, we articulate a method for solving both kinds of problems using the "basis" approach. The basis approach has often been used implicitly, but we argue that there is value to making its...

In this paper, we compare the attitude towards current risk of two expected-utility-maximizing investors that are identical except that the first investor will live longer than the second one.

In this paper, we show how a differentiated tax treatment of corporate losses and corporate profits induces the firm to behave in a very specific risk-averse manner.

In this paper we analyse the problem of the modelling of individual transitions in presence of an incomplete sampling scheme.

The paper considers parametric and nonparametric estimation of the distribution function F. Issues of particular interest are the identification properties of this model and, in the nonparametric case, the speed of convergence of the estimator F. The latter depends upon the properties of the...

As the structure of consumer preferences plays a crucial role in the analysis of differentiated product markets, estimation of demand systems is a sensitive task. This paper contributes to this project in two ways. First, we develop a method to deal with the simultaneous choice of an equipment...

We propose an operational concept of Constrained Strategic Equilibrium (CSE) applicable to a broad class of empirical game theoreticmodels with incomplete information. By restricting the players' strategic sets, we can compute solutions from a strategic form of analyis based upon auxiliary Monte...