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In a recent article entitled 'Putting Risk in its Proper Place,' Eeckhoudt and Schlesinger (2006) established a theorem linking the sign of the n-th derivative of an agent's utility function to her preferences among pairs of simple lotteries. We characterize these lotteries and show that, in a...
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In a recent paper, Louis Eeckhoudt and Harris Schlesinger [1] established a theorem linking the sign of the n-th derivative of an agent's utility function to her preferences among pairs of simple lotteries. In this paper, we characterize these lotteries and show that they only differ by their...
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Many listed companies around the world are controlled by under-diversified family blockholders, who bear idiosyncratic risk in addition to systematic risk. In this paper, we assume that these shareholders require private benefits to compensate for the additional risk. We propose a simple...
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