model is estimated, first using the full sample and then recursively. Although the recursive analysis provides clear …

We characterize optimal consumption policies in a recursive intertemporal utility framework with local substitution. We …

Recursive preferences have found widespread application in representative-agent asset-pricing models and general …

firm value in a comprehensively recursive model. We argue that there is unidirectional dependency among the information …. In examining the hypothesis, the recursive path model is utilized. The results show that the negatively direct effect of …