Two-period economy with heterogeneous beliefs
Aggregation of Heterogeneous Beliefs
... the heterogeneous beliefs setting are the same as in an otherwise similar homogeneous beliefs economy in which aggregate endowment is adjusted in a predictable ...homogeneous beliefs ...
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Heterogeneous beliefs and instability
... the beliefs of all the other agents in the economy to coordinate their actions on the same RE ...theory two polar cases exist: we may assume either full rationality with agents deriving optimal ...
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Aggregation of Heterogeneous Beliefs
... As in the standard case of homogeneous beliefs, we want to construct an expected utility maximizing aggregate investor, representing the economy in equilibrium. More precisely, we look for a single ...
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Aggregation of Heterogeneous Beliefs.
... the heterogeneous beliefs setting are the same as in an otherwise similar homogeneous beliefs economy in which aggregate endowment is adjusted in a predictable ...homogeneous beliefs ...
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Heterogeneous Researchers in a Two-Sector Representative Consumer Economy
... the two R&D ...the two key points explaining the absence of a pattern linking the three time paths in ...long period of time, the variable under appreciation does not tend to stay near zero or ...
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Optimal Taxation in a Two Sector Economy with Heterogeneous Agents
... a two sector economy where investment and consumption are produced as two …nal goods, capital and labour margins are interdependent, and so is the long run optimal policy of taxing income from these ...
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Optimal taxation in a two sector economy with heterogeneous agents
... a two sector neoclassical model which is possibly one of the simplest extensions of Chamley’s (1986) original ...standard two sector neoclassical growth model with heterogeneous agents has an ...
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Heterogeneous Beliefs and Housing-Market Boom-Bust Cycles in a Small Open Economy
... and rise as the house price falls. The collateral constraints on residential mortgages play an important role in generating this pattern. When impatient households expect that future house prices will rise, they increase ...
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Financial Integration with Heterogeneous Beliefs
... the economy, ...the economy increases instead of ...in beliefs. If all households hold the same beliefs, then there is no speculation and financial integration results in a decreasing ...hold ...
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Heterogeneous Beliefs And Momentum Profits
... time period that lasts less than one year and a loser-portfolio with stocks that have performed ...holding period is longer than 12 months, the loser-portfolio is able to generate excess returns in ...
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Heterogeneous beliefs in over-the-counter markets
... 1 Introduction Over-the-counter (OTC) markets are key to the operation of the modern financial system. Much of the world’s trade in derivatives, foreign currency, and many other assets, is conducted in these exchanges. ...
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Heterogeneous Beliefs in a Continuous-Time Model
... an economy consisting of a single consumer per ...consumer economy as a reduced form of a more complicated economy consisting of multiple, heterogeneous ...an economy of multiple, ...
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Matching Level And Investors’ Heterogeneous Beliefs
... To empirically analyze the hypothesis of this study, we used firm-year observation from 4,094 firms listed on Korean Stock Exchange over the period from 2003 to 2011. We found that matching level regression ...
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Nonlinear taxation in an economy with heterogeneous firms and heterogeneous households
... and households face an asset market price of υ in equilibrium. Although they can trade the fund asset, we assume that if firms acquire shares of the fund, they immediately issue a stock dividend to households. Thus, ...
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Heterogeneous Individuals in the International Economy.
... has two classical ways of modelling the relation between individ- ual incomes and consumption: on the one hand, the assumption of complete insurance markets is especially convenient for macro-economists, as it ...
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Dynamic Economy with Heterogeneous Agents
... DSGE economy as a benchmark to which can be used to compare with the economy which exists financial ...each period into three ...previous period, and external funds borrowed from financial ...
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Do Heterogeneous Beliefs Matter for Asset Pricing?
... Another reason the diversity of analyst forecasts may not fully represent the diversity of beliefs in the economy is that it is perhaps in the interest of analysts to understate their beliefs. Ana- ...
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Rare Disasters and Risk Sharing with Heterogeneous Beliefs
... Risks of rare economic disasters can have large impact on asset prices. At the same time, difficulty in inference regarding both the likelihood and severity of disasters as well as agency problems can effectively lead to ...
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Heterogeneous Beliefs and The Option-implied Volatility Smile
... Table I. Summary Statistics on the Implied Volatility Smile This table presents descriptive statistics for option-implied volatilities and smile slopes. Sample includes options traded on CBOE for 865 stocks during the ...
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Memory and Asset Pricing Models with Heterogeneous Beliefs
... a heterogeneous agent financial market evolutionary dynamics may lead to persistent deviations from the fundamental price and highly irregular, even chaotic asset price fluctuations, when the intensity of choice ...
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