Catching Up with the Joneses: Heterogeneous Preferences and the Dynamics of Asset Prices
نویسندگان
چکیده
منابع مشابه
Keeping , not catching , up with the Joneses : An international asset pricing model ∗
We derive an international asset pricing model that assumes investors have preferences of the type “keeping up with the Joneses.” In an international setting investors compare their current wealth with that of their peers who live in the same country. Investors value domestic assets because they are more highly correlated with the domestic benchmark. In equilibrium, this gives rise to a multifa...
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abstract while task-based instruction is considered as the most effective way to learn a language in the related literature, it is oversimplified on various grounds. different variables may affect how students are engaged with not only the language but also with the task itself. the present study was conducted to investigate language and task related engagement on the basis of the task typolog...
15 صفحه اولConsumption and Asset Prices with Recursive Preferences
We analyze consumption and asset pricing with recursive preferences given by Kreps–Porteus stochastic differential utility (K–P SDU). We show that utility depends on two state variables: current consumption and a second variable (related to the wealth–consumption ratio) that captures all information about future opportunities. This representation of utility reduces the internal consistency cond...
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ژورنال
عنوان ژورنال: Journal of Political Economy
سال: 2002
ISSN: 0022-3808,1537-534X
DOI: 10.1086/342806