haku: @indexterm INCOMPLETE MARKETS / yhteensä: 34
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| Tekijä: | Mukerji, S. Tallon, J.-M. |
| Otsikko: | Ambiguity aversion and incompleteness of financial markets |
| Lehti: | Review of Economic Studies
2001 : OCT, VOL. 68:4(237), s. 883-904 |
| Asiasana: | FINANCIAL MARKETS INCOMES INCOMPLETE MARKETS RISK AVERSION |
| Kieli: | eng |
| Tiivistelmä: | It is widely thought that incomes risks can be shared by trading in financial assets. But financial assets typically carry some risk idiosyncratic to them, disposing incomes risk using financial assets will involve buiyng into the inherent idiosyncratic risk. This paper shows that ambiguity aversion can exacerbate the tension between the two kinds of risks to the point that classes of agents may not want to trade some financial assets. |
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