Níguez, Trino Manuel and Paya, Ivan and Peel, David and Perote, Javier (2012) On the stability of the constant relative risk aversion (CRRA) utility under high degrees of uncertainty. Economics Letters, 115 (2). pp. 244-248. ISSN 0165-1765Full text not available from this repository.
Growth models under uncertainty and constant relative risk aversion (CRRA) utility are fragile in explaining consumers’ choice, as equilibrium consumption is dependent on distributional assumptions. We show that, under semi-nonparametric distributions, general equilibrium models are stable, as the existence of expected utility is guaranteed.
|Subjects:||University of Westminster > Westminster Business School|
|Depositing User:||Rachel Wheelhouse|
|Date Deposited:||05 Nov 2012 14:38|
|Last Modified:||05 Nov 2012 14:38|
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