ALLARD, Marie; BRONSARD, Camille; Christian, GOURIÉROUX - Département de Sciences Économiques, Université de … - 2003
income shocks; f) the matrix has rank S, if not; g) in the first case, the matrix represents a residual aversion; in the … second case, a fundamental aversion; the difference between them is an aversion to illiquidity; this last relation … corresponds to the Drèze-Modigliani decomposition (1972); h) the fundamental aversion decomposes also into an aversion to …