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Does age matter in inflation uncertainty?
Zhong, Chunping; Huo, Jiaxu - In: Economics letters 242 (2024), pp. 1-9
Persistent link: https://www.econbiz.de/10015079800
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Reward-Risk Ratios
Cheridito, Patrick - 2013
We introduce three new families of reward-risk ratios, study their properties and compare them to existing examples. All ratios in the three families are monotonic and quasi-concave, which means that they prefer more to less and encourage diversification. Members of the second family are also...
Persistent link: https://www.econbiz.de/10013090253
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Educational choice, initial wage and wage growth
Mazza, Jacopo; Ophem, Hans van - 2020
We investigate the major choice of college graduates where we make choice dependent on expected initial wages and expected wage growth per major. We build a model that allows us to estimate these factors semiparametrically and that corrects for selection bias. We estimate the model on the...
Persistent link: https://www.econbiz.de/10012228687
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What is the investment loss due to uncertainty?
Panagiōtidēs, Theodōros; Printzis, Panagiotis - Leibniz-Institut für Ost- und Südosteuropaforschung - 2019
We investigate the effect of uncertainty on investment. We employ a unique dataset of 25000 Greek firms' balance sheets … uncertainty. The investment performance of 14 sectors is examined within a dynamic investment model. Robust GMM estimates of the … investment rate model reveal a high degree of heterogeneity among these sectors. Overall uncertainty affects negatively …
Persistent link: https://www.econbiz.de/10012060122
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Does Risk Matter? A Semiparametric Model for Educational Choices in the Presence of Uncertainty
Mazza, Jacopo - 2012
Standard human capital theory suggests that individuals select into education in order to maximize their utility. If … agents are risk averse, they select the educational level that minimizes future uncertainty. The possibility of self …-selection complicates the identi fication of the causal contribution of education to uncertainty in future payoffs. In this paper the …
Persistent link: https://www.econbiz.de/10013109739
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Testing Theories of Gambler’s Fallacy and Hot-hand Fallacy : Probability Bias vs. Randomized Choice
Li, King King - 2019
, subjects play the game twice and we vary the payoff between different options, and their probability beliefs are elicited. We … experimentally test three competing theories of GF and HHF: probability bias, randomized choice, and bounded rationality. We find … the classical method suggests about 51% (48%). We show that probability bias, randomized choice, and bounded rationality …
Persistent link: https://www.econbiz.de/10012859406
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Internalization and Internationalization Under Copeting Real Options
Fisch, Jan Hendrik - 2016
Persistent link: https://www.econbiz.de/10012991188
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Ambiguity, long-run risks, and asset prices
Wei, Bin - 2021
I generalize the long-run risks (LRR) model of Bansal and Yaron (2004) by incorporating recursive smooth ambiguity aversion preferences from Klibanoff et al. (2005, 2009) and time-varying ambiguity. Relative to the Bansal-Yaron model, the generalized LRR model is as tractable but more flexible...
Persistent link: https://www.econbiz.de/10012617667
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Estimating Individual Ambiguity Aversion : A Simple Approach
Gneezy, Uri; Imas, Alex; List, John A. - 2021
We introduce a simple, easy to implement instrument for jointly eliciting risk and ambiguity attitudes. Using this instrument, we structurally estimate a two-parameter model of preferences. Our findings indicate that ambiguity aversion is significantly overstated when risk neutrality is assumed....
Persistent link: https://www.econbiz.de/10013315553
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Does smooth ambiguity matter for asset pricing?
Gallant, A. Ronald; Jahan-Parvar, Mohammad R.; Liu, Hening - 2018
We use the Bayesian method introduced by Gallant and McCulloch (2009) to estimate consumption-based asset pricing models featuring smooth ambiguity preferences. We rely on semi-nonparametric estimation of a flexible auxiliary model in our structural estimation. Based on the market and aggregate...
Persistent link: https://www.econbiz.de/10011780610