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数量经济与金融系列讲座408期:Optimal Effort in a Two-Period Model

  发布日期:2019-10-16  浏览次数:

主题:Optimal Effort in a Two-Period Model

主讲:Keith K.P. WONG,香港大学

时间:2019年10月25日 16:00-17:30

地点:复旦大学经济学院614会议室

摘要:This paper develops a generic model of effort intwo periods where in an individual exerts effort in monetary terms in the first period so as toimprove risk in the second period. We specify such a risk improvement by means of a linearcombination of two fixed probability distribution functions that can be ranked via first-orderstochastic dominance. When the two fixed probability distribution functions degenerateinto singletons, our two-period model of effort reduces to the two-period model ofself-protection. Within an intertemporal framework with Kreps-Porteus-Selden preferences,we examine the comparative statics of effort withrespect to the prevalence of uncertainty. Wefurther examine the precautionary motive ofsaving in our two-period model of effort whereinthe under lying uncertainty is endogenously determined by the choice of effort. Finally, weshow that our results are consistent with recentexperimental evidence for the negative relationship between prudence and self-protectionregardless of the timing of loss.

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