Titlebook: Studies in the Economics of Uncertainty; In Honor of Josef Ha Thomas B. Fomby,Tae Kun Seo Conference proceedings 1989 Springer-Verlag New Y

EXCEL

Chronological

Representative Sets for Stochastic Dominance Rulesips. If we knew his utility function, economists might say, we could confidently and with courage make optimal selections for anyone. But economic counselors would likely know, at most, only some salient characteristics of the advisee. Depending on what and how much we know about a client’s utility

Highbrow

The Stochastic Dominance Estimation of Default Probabilitylity distributions of data, and (2) to demonstrate this technique by quantifying the probability of default as assessed by the bond market. We suggest, then, that the contribution of this paper lies in its introduction of a new methodology which we then use to answer a question in economics and fina

Endometrium

Testing for Stochastic Dominanceerhaps tenuous, maintained hypotheses on the objective function of the decision-maker. For example, the weak axiom of revealed preference can be tested without assuming a parametric family of preferences. For consumers who choose among uncertain alternatives by maximizing von Neumann-Morgenstern uti

Systemic

Insurance and the Value of Publicly Available Informationve studied the role of multi-period contracts in situations characterized by asymmetrically informed agents. In the circumstances envisaged by this literature, multi-period contracts perform no useful function when agents are equally well-informed.. The present paper considers a different set of cir

易弯曲

Vertical Transactions under Uncertaintyracts to tie down price or quantity; others rely on some form of principal-agent arrangement; still others enter into joint stock ownership or even integrate vertically, thus, placing decision making in the hands of a single authority. These arrangements represent, in varying degrees, the producers’

AMOR

真实的人

Investment, Capital Structure and Cost of Capital: Revisitedrs). In a series of papers, Modigliani and Miller conclude that in a world without taxes, capital structure does not matter, but with corporate tax they reach the conclusion that the larger the proportion of debt the larger is the value of the firm (see Modigliani and Miller, [11], [12], [13]). Howe

慢慢啃

Utility Functions, Interest Rates, and the Demand for Bondsssets available, a lower riskless interest rate might lead a risk-averse expected-utility maximizer to (a) allocate more of his investment funds to riskless assets, or (b) allocate enough more to obtain greater riskless return including principal, or even (c) allocate enough more to obtain greater r

招惹

Stochastic Dominance and Transformations of Random Variables the difference between their cumulative distribution functions (CDF) must satisfy. Various SD ranking procedures have been employed in both empirical and theoretical analysis. First degree stochastic dominance, second degree stochastic dominance, and Rothschild and Stiglitz’ definition of increasing risk are prominent examples.