作者：Bali, Turan G.; Demirtas, K. Ozgur; Levy, Haim; Wolf, Avner
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Hebrew University of Jerusalem
摘要：It has become increasingly popular to advise investors to relocate their funds from a primarily stock portfolio to a primarily bond portfolio as they get older. However, the well-known decision rules Such as mean-variance or stochastic dominance rules are unable to explain this common practice. Almost stochastic dominance (ASD) and almost mean-variance (AMV) approaches are used to examine the dominance of stock and bond portfolios. ASD and AMV rules unambiguously support the popular practice o...
作者：Edmond, Chris; Veldkamp, Laura
作者单位：Center for Economic & Policy Research (CEPR); New York University; University of Melbourne; National Bureau of Economic Research
摘要：Recent advances in measuring cyclical changes in the income distribution raise new questions: How might these distributional changes affect the business cycle itself? We show how counter-cyclical income dispersion can generate counter-cyclical markups in the goods market, without any preference shocks or price-setting frictions. in recessions, idiosyncratic labor productivity shocks raise income dispersion, lower the price elasticity of demand, and increase imperfectly competitive firms' optim...
