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The identification of beliefs from asset demand


Kübler, Felix; Polemarchakis, Herakles (2017). The identification of beliefs from asset demand. Econometrica, 85(4):1219 -1238.

Abstract

The demand for assets as prices and initial wealth vary identifies beliefs and attitudes towards risk. We derive conditions that guarantee identification with no knowledge either of the cardinal utility index or of the distribution of future endowments or payoffs of assets; the argument applies even if the asset market is incomplete and demand is observed only locally.

Abstract

The demand for assets as prices and initial wealth vary identifies beliefs and attitudes towards risk. We derive conditions that guarantee identification with no knowledge either of the cardinal utility index or of the distribution of future endowments or payoffs of assets; the argument applies even if the asset market is incomplete and demand is observed only locally.

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Banking and Finance
Dewey Decimal Classification:330 Economics
Language:English
Date:July 2017
Deposited On:08 Sep 2017 11:16
Last Modified:09 Sep 2017 03:09
Publisher:Wiley-Blackwell Publishing, Inc.
ISSN:0012-9682
Publisher DOI:https://doi.org/10.3982/ECTA13880
Related URLs:http://onlinelibrary.wiley.com/doi/10.3982/ECTA13880/full (Publisher)
Other Identification Number:merlin-id:14711

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