, with consumption expenditure data from household budget surveys. Specifically, this paper describes a methodology to … produce a concordance and transition matrix linking GTAP sectors to household survey classifications based on the … investigating research questions concerning the influence of household behaviour changes on trade, as well as trade developments and …

all circumstances, the model is able to generate coefficients of risk aversion that are consistent with theory. Hence we … the equity premium puzzle and find that it is able to fit the data with a relatively low coefficient of relative risk …

agents who differ with respect to their preferences for risk aversion and sensitivity to habit, either internal or external …

' heterogeneity in relative risk aversion and habit strength. We explicitly compute aggregate prices, such as equity premium, equity …

allow for agents' heterogeneity in relative risk aversion and habit strength. Equilibrium quantities, such as equity premium …

We examine the impact of risk-based portfolio constraints on asset prices in an exchange economy. Constrained agents … scale down their portfolio and behave locally like power utility investors with risk aversion that depends on current market … conditions. The imposition of constraints dampens fundamental shocks, challenging studies that suggest that risk management rules …