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-choice experiment, where payments are made either directly or in 3, 9, or 18 months after the experiment. We find that risk preference …
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subjects in our experiment were only requested to show their faces to the other members, without further communication …
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We analyze the impact of risk and ambiguity aversion using a lifecycle recursive utility model. Both risk and ambiguity aversion are shown to reduce annuity demand and enhance bond holdings. We obtain this result using an intertemporal framework in which we can vary both risk and ambiguity...
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