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Segal, Gill; Shaliastovich, Ivan - 2022

We present a novel finding that high macroeconomic uncertainty is associated with greater accumulation of physical capital, despite a contemporaneous reduction in investment. To reconcile this evidence, we show that high uncertainty predicts a persistent decrease in the utilization and...

Persistent link: https://www.econbiz.de/10013307469

Evolution, heritable risk and skewness loving

Heller, Yuval; Robson, Arthur John - In: Theoretical economics : TE ; an open access journal in … 16 (2021) 2, pp. 403-424

Our understanding of risk preferences can be sharpened by considering their evolutionary basis. The existing literature … has focused on two sources of risk: idiosyncratic risk and aggregate risk. We introduce a new source of risk, heritable … risk, in which there is a positive correlation between the fitness of a newborn agent and the fitness of her parent …

Persistent link: https://www.econbiz.de/10012587359

Intergenerational complementarities in education and the relationship between growth and volatility

Palybos, Theodōros (contributor); … - 2009

We construct an overlapping generations model in which parents vote on the tax rate that determines publicly provided education and offspring choose their effort in learning activities. The technology governing the accumulation of human capital allows these decisions to be strategic complements....

Persistent link: https://www.econbiz.de/10003885849