Životný cyklus, neurčitosť a preferencie pri ekonomických subjektoch
Year: 2002 Volume: 52 Issue: 11 Pages: 671-672
Abstract: The paper describes the author’s attempt at a representation of agent portfolio choices and savings behavior in an environment with uncertain future interest rates, prices, wages and tax rates. The primary effects the author focuses on are (i) the cyclical pattern of the risk variance when shocks become more volatile during economic downturns, (ii) cycle consumption, and (iii) savings decision. Savings may be invested in financial assets, human capital and in consumer durables. Apprehended risks determine the optimal allocation of resources across assets at a point in time. In the model described in the paper the agents have different utility functions and different time-discount factors.
JEL classification: C68, D11, D91
Keywords: behavior; agent; portfolio choice; adaptive learning
RePEc: n/a
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