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Evolution, heritable risk and skewness loving
Heller, Yuval; Robson, Arthur John - In: Theoretical economics : TE ; an open access journal in … 16 (2021) 2, pp. 403-424
Our understanding of risk preferences can be sharpened by considering their evolutionary basis. The existing literature has focused on two sources of risk: idiosyncratic risk and aggregate risk. We introduce a new source of risk, heritable risk, in which there is a positive correlation between...
Persistent link: https://www.econbiz.de/10012587359
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Risk attitudes, development, and growth : macroeconomic evidence from experiments in 30 countries
Vieider, Ferdinand M.; Chmura, Thorsten; Martinsson, Peter - 2012
We measure risk attitudes in 30 different countries in a controlled, incentivized experiment (N = 3025). At the … personal income within countries. We show that this paradox can be explained by unified growth theory. These results are …
Persistent link: https://www.econbiz.de/10009671257
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Heterogeneous Households under Uncertainty
Veronesi, Pietro - 2019
I characterize a dynamic economy under general distributions of households' risk tolerance, endowments, and beliefs about long-term growth. As the economy expands and the stock market rises (a) the fraction of households with declining consumption-share increases; (b) the wealth-share of high...
Persistent link: https://www.econbiz.de/10012894596
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Heterogeneous Households Under Uncertainty
Veronesi, Pietro - 2019
I characterize a dynamic economy under general distributions of households' risk tolerance, endowments, and beliefs about long-term growth. As the economy expands and the stock market rises (a) the fraction of households with declining consumption-share increases; (b) the wealth-share of high...
Persistent link: https://www.econbiz.de/10012894994
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Heterogeneous Households Under Uncertainty
Veronesi, Pietro - 2019
I characterize a dynamic economy under general distributions of households' risk tolerance, endowments, and beliefs about long-term growth. As the economy expands and the stock market rises (a) the fraction of households with declining consumption-share increases; (b) the wealth-share of high...
Persistent link: https://www.econbiz.de/10012896656
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Individual preferences, human capital, and economic development
Vischer, Thomas - 2012
with the theory of expected utility. The present study reviews recent trends in the modeling of decision theories, with a … particular focus on the distinctive features of prospect theory. The novel contribution of this study is an empirical analysis of … study of the dissertation investigates the effect of income on democracy, based on the premise that the theory of critical …
Persistent link: https://www.econbiz.de/10009686885
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Capital requirements, risk-taking and welfare in a growing economy
Agénor, Pierre-Richard; Silva, Luiz A. Pereira da - 2017
The effects of capital requirements on risk-taking and welfare are studied in a stochastic overlapping generations model of endogenous growth with banking, limited liability, and government guarantees. Capital producers face a choice between a safe technology and a risky (but socially...
Persistent link: https://www.econbiz.de/10011661894
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Heterogeneous Households under Uncertainty
Veronesi, Pietro - 2019
I characterize a dynamic economy under general distributions of households' risk tolerance, endowments, and beliefs about long-term growth. As the economy expands and the stock market rises (a) the fraction of households with declining consumption-share increases; (b) the wealth-share of high...
Persistent link: https://www.econbiz.de/10012479404
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The role of information and risk sharing for R&D investment, technological change and economic welfare
Drees, Burkhard; Eckwert, Bernhard - In: Recent advances in neo-Schumpeterian economics : essays …, (pp. 101-118). 2009
Persistent link: https://www.econbiz.de/10003874297
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Economic Growth and Risk Taking : Is it Rational to Suffer from Increasing Disaster Losses?
Hallegatte, S. - 2013
This article draws from a study that investigates the link between development, economic growth and the economic losses from natural hazards. Increasing investments in disaster risk reduction have led to a significant reduction in human casualties, but economic losses from natural disasters have...
Persistent link: https://www.econbiz.de/10013076598