can undertake an active portfolio management strategy by investing in both risk-free and risky assets. Using a two … in each period. -- Consumption and labor taxation ; equivalence ; risk …

systems. The saving motive, however, does not change:individuals respond to increasing income risk by increasing their savings … systems. In contrast to former studies, we focus on the impact of thevariability of future income (higher degree risk). …

(2005). We extend it by unemployment risk using Markov chains to model the transition between different employment states … systems as those established in the EU are able to offset the negative impact of unemployment risk on the portfolio …

Households can rely on private savings or on public unemployment insurance to hedge against the risk of becoming … risk on households’ equity holdings. When incorporating long-term unemployment, the US-equity share drops. This negative … significantly alter portfolio decisions. We show that different responses of portfolios to unemployment risk can be attributed to …

(2005). We extend it by unemployment risk using Markov chains to model the transition between different employment states … systems as those established in the EU are able to offset the negative impact of unemployment risk on the portfolio …

(2005). We extend it by unemployment risk using Markov chains to model the transition between different employment states … systems as those established in the EU are able to offset the negative impact of unemployment risk on the portfolio …

The expected utility formulation of the problem of a risk-averse agent's allocating a portfolio between a safe and a … exhibiting constant relative risk aversion and the probability distribution of the risky asset as binomial, and take the riskless …

The expected utility formulation of the problem of a risk-averse agent's allocating a portfolio between a safe and a … exhibiting constant relative risk aversion and the probability distribution of the risky asset as binomial, and take the riskless …