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作者：Ligon, E; Thomas, JP; Worrall, T
作者单位：University of California System; University of California Berkeley; University of St Andrews; Keele University
摘要：Recent work on consumption allocations in village economics finds that idiosyncratic variation in consumption is systematically related to idiosyncratic variation in income, thus rejecting the hypothesis of full risk-pooling. We attempt to explain these observations by adding limited commitment as an impediment to risk-pooling. We provide a general dynamic model and completely characterise efficient informal insurance arrangements constrained by limited commitment, and test the model using dat...
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作者：Danthine, JP; Donaldson, JB
作者单位：University of Lausanne; Columbia University
摘要：This paper proposes a dynamic GE model with standard business cycle properties that also achieves a satisfactory replication of the major financial stylized facts. We ride on two major ideas. First, we show that operating leverage, originating in the priority status of wage claims given the observed business cycle characteristics of the latter, magnifies the risk properties of the residual payments to firm owners and justifies a substantial risk premium. Further we build on the observation tha...
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作者：Chesher, A; Silva, JMCS
作者单位：University of London; University College London; Universidade de Lisboa
摘要：This paper develops an extension of the classical multinomial logit model which approximates a class of models obtained when there is uncontrolled taste variation across agents and choices in addition to the stochastic noise inherent in the logit model. Unlike semiparametric and parametric alternatives, the extended logit model is easy to estimate even when there are many potential choices, Unlike parametric alternatives, it does not require the specification of a distribution of varying taste...
