Search
Now showing items 1-1 of 1
Substitution and Risk Aversion: Is Risk Aversion Important for Understanding Asset Prices?
(Vanderbilt University, 2004)
This paper uses a recursive time-non-separable expected utility function to separate between the intertemporal elasticity of substitution (IES) and a measure of relative risk aversion to bets in terms of money (RAM). Risk ...