Assets, Beliefs, and Equilibria in Economic Dynamics: Essays - download pdf or read online

By Charalambos D. Aliprantis, Kenneth J. Arrow, Peter Hammond, Felix Kubler, Ho-Mou Wu, Nicholas C. Yannelis

ISBN-10: 3642056636

ISBN-13: 9783642056635

ISBN-10: 3662058588

ISBN-13: 9783662058589

This quantity encompasses a choice of papers facing a extensive diversity of subject matters in mathematical economics, online game thought and financial dynamics. The contributions current either theoretical and utilized examine. the amount is devoted to Mordecai Kurz. The papers have been provided in a distinct symposium co-hosted via the Stanford college division of Economics and by means of the Stanford Institute of financial coverage learn in August 2002.

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Extra info for Assets, Beliefs, and Equilibria in Economic Dynamics: Essays in Honor of Mordecai Kurz

Sample text

Continuous annuitization. In the absence of annuitization, consumption is uninsured both before and after retirement. The decision on optimum retirement depends therefore both on the survival distribution function and on the individual's risk aversion. Before we analyze this case it will be useful for subsequent discussions to link it to the familiar notion of 'Stochastic Dominance' . 2 Ranking of survival functions Consider two survival distribution functions, F1(z) and F2 (z), 0 S Z S T. By assumption, Fi(O) = 1, Fi(T) = 0 and Fi(Z) non-increases in z, i = 1,2.

2) where

Utility of consumption at different ages is separable and independent of age and there is no subjective discount 3 I became aware of Brugiavini's paper and of the timing of annuitization from a lecture note by Peter Diamond. 30 E. Sheshinski rate. Instantaneous utility, u(c), displays risk-aversion (u'(c) > 0, u"(c) < 0) and, to ensure an interior solution, satisfies the end-conditions u' (0) = 00 and u'(oo) = O. When working, the individual provides one unit of labor. Disutility of work, a(z) > 0, 0 < z < T, is independent of consumption and nondecreasing with age, a'(z) 2': O.

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Assets, Beliefs, and Equilibria in Economic Dynamics: Essays in Honor of Mordecai Kurz by Charalambos D. Aliprantis, Kenneth J. Arrow, Peter Hammond, Felix Kubler, Ho-Mou Wu, Nicholas C. Yannelis


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