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| Author: | Coelho, P. McClure, J. |
| Title: | Social context and the utility of wealth: addressing the Markowitz challenge |
| Journal: | Journal of Economic Behavior and Organization
1998 : NOV 30, VOL. 37:3, p. 305-314 |
| Index terms: | ECONOMIC BEHAVIOUR WEALTH ORGANIZATION |
| Language: | eng |
| Abstract: | Paradoxically, there is a demand for both risk and insurance. Markowitz (1952) laid the foundation for an explanation to this paradox. Markowitz challenged the future researchers to build upon his foundation an operational specification of the taste for wealth. This paper addresses the Markowitz challenge by building social context variables into his model of individual utility. Verifiable implications about gambling, insuring and peer selection are derived from the augmented Markowitz utility function. |
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