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Income uncertainty, substitution effect and relative yield spreads

โœ Scribed by Kuan Xu


Book ID
117717759
Publisher
Elsevier Science
Year
1998
Tongue
English
Weight
444 KB
Volume
38
Category
Article
ISSN
1062-9769

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Duality, income and substitution effects
โœ Carmen F. Menezes; X. Henry Wang ๐Ÿ“‚ Article ๐Ÿ“… 2005 ๐Ÿ› John Wiley and Sons ๐ŸŒ English โš– 172 KB

This paper uses duality theory to decompose the total effect on the competitive firm's output of an increase in the riskiness of output price into income and substitution effects. Properties of preferences that control the sign of each effect are identified. The analysis extends to the general class