کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
957076 928506 2007 21 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Representative consumer's risk aversion and efficient risk-sharing rules
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Representative consumer's risk aversion and efficient risk-sharing rules
چکیده انگلیسی

We study the representative consumer's risk attitude and efficient risk-sharing rules in a single-period, single-good economy in which consumers have homogeneous probabilistic beliefs but heterogeneous risk attitudes. We prove that if all consumers have convex absolute risk tolerance, so must the representative consumer. We also identify a relationship between the curvature of an individual consumer's individual risk sharing rule and his absolute cautiousness, the first derivative of absolute risk-tolerance. Furthermore, we discuss some consequences of these results and refinements of these results for the class of HARA utility functions.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Theory - Volume 137, Issue 1, November 2007, Pages 652–672
نویسندگان
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