In this paper, we investigate the capital asset pricing model (CAPM) derived from a three-period general equilibrium model incorporating time-inconsistent preferences. We define and consider two types of agents, i.e. they can be either sophisticated or naive. Sophisticated agents take into...

A geopolitikai kockázat az elmúlt években egyre nagyobb szerepet kap a makrogazdaságot érintő hatások vizsgálatakor. A bankszektor pedig ebből a szempontból kulcsfontosságú ágazat, gazdasági beágyazottsága miatt és a pénzügyi rendszer stabilitása érdekében pedig a...

How much did France pay for its colonial empire? Did colonies benefit from large transfers from French taxpayers and private investors, or were they on the contrary drained of their capital? So far, Jacques Marseille (1984) was the only attempt to investigate these questions, by deducting from...