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The coefficient of relative risk aversion (CRRA) is notoriously difficult to estimate. Recently, Barro and Jin (On the size distribution of macroeconomic disasters, Econometrica 2011; 79(3): 434–455) have come up with a new estimation approach that fits a power-law model to the tail of...
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both an exciting new field of inquiry for scholars, but also an extremely challenging one. In these early days of theory …
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market distortion; rational decision making within game theory frameworks under different jurisdictional background …
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