Habit persistence reduces risk aversion
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| Tag | 1 | 2 | Value |
|---|---|---|---|
| LDR | 00000cab a2200000 4500 | ||
| 001 | MAP20210028854 | ||
| 003 | MAP | ||
| 005 | 20211018171524.0 | ||
| 008 | 211006e2021 esp|||p |0|||b|spa d | ||
| 040 | $aMAP$bspa$dMAP | ||
| 084 | $a7 | ||
| 100 | $0MAPA20080219314$aGollier, Christian | ||
| 245 | 1 | 0 | $aHabit persistence reduces risk aversion$cChristian Gollier |
| 520 | $aHow does habit formation affect the dynamic demand for insurance and risky assets? We examine a dynamic portfolio-saving choice problem for two structure of preferences. In the first model, the consurner faces an exogenous path of mínimumlevels of subsistence over time. In the second rnodel, these levels are subject t habit persistence, i.e. they are increasing in past consumption. We show that adding habit persistence to the initial model substantially reduces the aversion to risk. Theintuition is that the positive correlation between current portfolio returns and future levels of subsistence helps time-diversifying risks. This result goes against the widesprea idea that habit persistence can resolve the equity premium puzzle. | ||
| 650 | 4 | $0MAPA20080591182$aGerencia de riesgos | |
| 650 | 4 | $0MAPA20080550936$aFormación | |
| 650 | 4 | $0MAPA20110017224$aConsumidores | |
| 773 | 0 | $wMAP20077100215$tGeneva papers on risk and insurance : issues and practice$dGeneva : The Geneva Association, 1976-$x1018-5895$g01/04/2021 Volumen 46 Número 2 - abril 2021 , p. 214-222 |