Titlebook: Economic and Environmental Risk and Uncertainty; New Models and Metho Robert Nau,Erik Gr?nn,Olvar Bergland Book 1997 Springer Science+Busin

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演繹

Allais Theory Offers Explanation for Equity Premium Puzzleent economies and equilibrium business cycle models typically predict either lower risk premiums or higher risk-free rates than those found empirically. The low risk premium was designated the “equity premium puzzle” by Mehra and Prescott [1985], and this puzzle has stimulated extensive research int

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Necessary Conditions for Efficient Multiple-Bid Auctionsidentical transformation of all values of the bidders into bids. (In a common value auction the problem of allocative efficiency disappears.) The pricing rule has to be an additively separable function of the bids.Under the condition that a pricing rule is efficient, monotone, and reciprocitive (a b

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Consumption with Fluctuations in Preferenceing is not constant even if the flexibility of preference is constant. The main result of this model is that more frequent demand fluctuations are brought about by increase in wealth or income. Our model uses the stochastic dynamic programming method combined with expected utility theory. It is also

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