Showing 1 - 10 of 149
In a discounted expected-utility problem, tomorrow's utilities are aggregated across tomorrow's states by the expectation operator. In our problems, this aggregation is accomplished by a Choquet integral of the form iudP a, where a specifies uncertainty aversion. We solve all finite-state...
Persistent link: https://www.econbiz.de/10005515475
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This paper studies volatility in individual stocks of the Toronto Stock Exchange (TSE), using a recently developed nonlinear approach, a stochastic threshold model. Trading information is embedded into the determination process for volatility in the stochastic threshold model with a generalized...
Persistent link: https://www.econbiz.de/10005515480
Constant risk aversion means that adding the same constant to all outcomes of two distributions, or multiplaying all their outcomes by the same positive constant, will not change the preformence relation between them. In this paper we prove several representation theorems, where constant risk...
Persistent link: https://www.econbiz.de/10005515482
It was remarked at the outset of this paper that, in the 1920s,there existed a vigorous, diverse, and distinctly American literature dealing with monetary economics and the business cycle.
Persistent link: https://www.econbiz.de/10005515484
A general equilibrium framework is developed for analyzing the role of immobile factors of production which produce inputs for other sectors.
Persistent link: https://www.econbiz.de/10005515485
Existing literature ignores adaptation responses to external effects which, in turn, affect the design of appropriate internalization instruments. We use general equilibrium numerical simulation models based on OECD and UK data to analyze the significance of these responses to congestion...
Persistent link: https://www.econbiz.de/10005515486
Persistent link: https://www.econbiz.de/10005515487
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Given persistenly high unemployment rates following the 1991-92 recession, the question of hysteresis in the Canadian economy has, once again, come to the forefront of academic and polciy debate. The paper addresses two questions. First does the inclusion of the 1991/1992 recession, and the...
Persistent link: https://www.econbiz.de/10005515491