since the mid-1990s. But that gap largely reflects the effects of falling relative prices: nominal spending on durables and … on non-durables has grown at similar rates during that period. This article uses a simple framework to assess the … behaviour of the real and nominal ratio of durables to non-durable spending in the long run. It also considers the current …

such state-dependent indivisible consumption opportunities influences a person’s risk attitudes. In general, people are not … risk averse anymore even if utility from divisible consumption is concave. I propose a definition of insurance in the … that rule out risk aversion turn out to be the basis of a desire to insure. This calls into question the standard approach …

nature. The existence of such state-dependent indivisible consumption opportunities influences a person's risk attitudes. In … general, people are not risk averse anymore even if utility from divisible consumption is concave. I propose a definition of … same reasons that rule out risk aversion turn out to be the basis of a desire to insure.This calls into question the …

developed and developing countries indicate a large degree of uncertainty as regards point estimates. Moreover, the comparison …