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| Tekijä: | Riedel, F. |
| Otsikko: | Heterogeneous time preferences and interest rates - the preferred habitat theory revisited |
| Lehti: | European Journal of Finance
2004 : FEB, VOL. 10:1, p. 3-22 |
| Asiasana: | Interest rates Time preference |
| Vapaa asiasana: | Term structure Preferred Habitat Theory Heterogeneity |
| Kieli: | eng |
| Tiivistelmä: | The influence of heterogeneous time preferences on the term structure is studied in the framework of a continuous-time pure exchange economy, in which agents have, apart from differential time preferences, the same degree of relative risk a economies populated by one type of agent only. It is shown by example that heterogeneity of time preferences can produce additionalhumps in the yield curve. |
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