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Asymmetric preferences in investment decisions in the Brazilian financial market
(SSRN, 2007)
The main objective of this article is to test the hypothesis that utility preferences that incorporate asymmetric reactions between gains and losses generate better results than the classic Von Neumann-Morgenstern utility ...
Labor supply, risk aversion and economic refrom in China
(Escola de Pós-Graduação em Economia da FGV, 1998-02-05)
Economic reform in China has created a small, but fast-growing private sector that has spurred rapid productivity growth. Growth of the private sector is predicated upon continued labor movements away from state-run ...
The trade-off between incentives and endogenous risk
(Escola de Pós-Graduação em Economia da FGV, 2004-02-01)
Standard models of moral hazard predict a negative relationship between risk and incentives, but the empirical work has not confirmed this prediction. In this paper, we propose a model with adverse selection followed by ...
The attitude toward the risk of entrepreneurial activity: Evidence from Chile
(School of Business and Economics, Universidad del Desarrollo, 2010)
We study the factors that may influence the attitude toward the risk of entrepreneurial activity
and its impact on the propensity to become an entrepreneur. We proxy the attitude toward risk by using the answers
to the ...
The attitude toward the risk of entrepreneurial activity: Evidence from Chile
(School of Business and Economics, Universidad del Desarrollo, 2010)
We study the factors that may influence the attitude toward the risk of entrepreneurial activity
and its impact on the propensity to become an entrepreneur. We proxy the attitude toward risk by using the answers
to the ...
The role of consumer's risk aversion on price rigidity
(Escola de Pós-Graduação em Economia da FGV, 2006-02-16)
This paper aims at contributing to the research agenda on the sources of price stickiness, showing that the adoption of nominal price rigidity may be an optimal firms' reaction to the consumers' behavior, even if firms ...
Non-monotone insurance contracts and their empirical consequences
(Escola de Pós-Graduação em econômia da EPGEEscola de Pós-Graduação em Economia da FGV, 2003-11)
The goal of this paper is to show the possibility of a non-monotone relation between coverage ans risk which has been considered in the literature of insurance models since the work of Rothschild and Stiglitz (1976). We ...
Non-monotone insurence contracts and their empirical consequences
(Escola de Pós-Graduação em Economia da FGV, 2002-04-16)
The goal of t.his paper is to show the possibility of a non-monot.one relation between coverage and risk which has been considered in the literature of insurance models since the work of Rothschild and Stiglitz (1976). We ...
Testing consumption optimality using aggregate data
(Fundação Getulio Vargas. Escola de Pós-graduação em Economia, 2014-09-10)
This paper tests the optimality of consumption decisions at the aggregate level taking into account popular deviations from the canonical constant-relative-risk-aversion (CRRA) utility function model-rule of thumb and ...
Uncertainty aversion and the optmal choice of portfolio
(Escola de Pós-Graduação em Economia da FGV, 1988)
In this paper we apply the theory of declsion making with expected utility and non-additive priors to the choice of optimal portfolio. This theory describes the behavior of a rational agent who i5 averse to pure 'uncertainty' ...