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Type: BOOK - Published: 2010 - Publisher:
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Pages: 64
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Pages: 52
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Type: BOOK - Published: 2008 - Publisher:
Motivated by the success of internal habit formation preferences in explaining asset pricing puzzles, we introduce these preferences in a life-cycle model of co
Language: en
Pages: 0
Pages: 0
Type: BOOK - Published: 2001 - Publisher:
A life cycle model in which an investor (a) faces i.i.d. asset returns, (b) receives no non-asset income, and (c) has an iso-elastic period utility function, pr
Language: en
Pages: 42
Pages: 42
Type: BOOK - Published: 2005 - Publisher:
This paper explores the implications of the additive and endogenous habit formation preferences in the context of a life-cycle model of an investor who has stoc