作者：Tylecote, A
作者单位：University of Sheffield
作者：Haliassos, M; Hassapis, C
作者单位：University of Cyprus
摘要：Despite increased stockholding opportunities, standard expected-utility models overpredict household participation and stock holdings. It has been suggested that departures from expected utility could resolve both puzzles. We investigate three measurable departures: (i) Kreps-Porteus preferences, (ii) Yaari's Dual Theory, and (iii) Quiggin's Rank-dependent Utility. Improvements tend to occur in predicted portfolio composition rather than participation, They are limited under (i), questionable ...
作者：Agliardi, E
作者单位：University of Bologna
作者：Zak, PJ; Knack, S
作者单位：Claremont Colleges; Claremont Graduate University; The World Bank
摘要：Why does trust vary so substantially across countries? This paper presents a general equilibrium growth model in which heterogeneous agents transact and face a moral hazard problem. Agents may trust those with whom they transact, but they also have the opportunity to invest resources in verifying the truthfulness of claims made by transactors. We characterise the social, economic and institutional environments in which trust will be high, and show that low trust environments reduce the rate of...
