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Collective Risk-Taking Decisions with Heterogeneous Beliefs
7 references·16 citing·53 second hop
Collective Risk-Taking Decisions with Heterogeneous Beliefs (2003)Collective Risk-Taking Decisions with Het…Economic Growth and Judicial Independence: Cross Country Evidence Using a New Set of Indicators (2003)Economic Growth and Judicial …A Nation-Wide Laboratory. Examining trust and trustworthiness by integrating behavioral experiments into representative surveys (2002)A Nation-Wide Laboratory. Exa…The Economics of Risk and Time (2001)The Economics of Risk and TimeAsset Pricing with Distorted Beliefs: Are Equity Returns Too Good to Be True? (2000)Asset Pricing with Distorted …The Comparative Statics of Changes in Risk Revisited (1995)The Comparative Statics of Ch…Intertemporal Asset Pricing with Heterogeneous Consumers and Without Demand Aggregation (1982)Intertemporal Asset Pricing w…Who Should Buy Portfolio Insurance? (1980)Who Should Buy Portfolio Insu…First‐Order Risk Aversion, Heterogeneity, and Asset Market Outcomes (2009)First‐Order Risk Aversion, He…Whom should we believe? Aggregation of heterogeneous beliefs (2007)Whom should we believe? 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(2003)Eliciting Risk and Time Preferences (2008)Theory of games and economic behavior (2019)Crime and Punishment: An Economic Approach (1968)Equilibrium Unemployment Theory (1991)Empirical labor search: A survey (2006)Do When and Where Matter? Initial Labour Market Conditions and Immigrant Earnings (2007)LABOR MARKET EFFECTS OF UNEMPLOYMENT INSURANCE DESIGN (2012)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The arbitrage theory of capital asset pricing (1976)Asset‐pricing Puzzles and Incomplete Markets (1993)The term structure of interest rates in a pure exchange economy with heterogeneous investors (1995)Consensus Consumer and Intertemporal Asset Pricing with Heterogeneous Beliefs (2007)Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations (1991)Law and Finance (1998)Unit root tests in panel data: asymptotic and finite-sample properties (2002)Being Independent is a Great Thing: Subjective Evaluations of Self-Employment and Hierarchy (2003)The Economic Theory of Agency: The Principal's Problem. 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An Experimental Investigation (1993)Trust, Reciprocity, and Social History (1995)The Effects of Financial Incentives in Experiments: A Review and Capital-Labor-Production Framework (1999)The nature of human altruism (2003)The German Socio-Economic Panel Study (SOEP) - Scope, Evolution and Enhancements (2007)The Slave Trade and the Origins of Mistrust in Africa (2011)Monotone Comparative Statics under Uncertainty (2002)The Effect of Ambiguity Aversion on Insurance and Self‐protection (2013)The Theory of Insurance Demand (2013)
this work references cited by second hop

References

  • 2001The Economics of Risk and Time1,361 cited
  • 2002A Nation-Wide Laboratory. Examining trust and trustworthiness by integrating behavioral experiments into representative surveys403 cited
  • 1980Who Should Buy Portfolio Insurance?392 cited
  • 1982Intertemporal Asset Pricing with Heterogeneous Consumers and Without Demand Aggregation353 cited
  • 2000Asset Pricing with Distorted Beliefs: Are Equity Returns Too Good to Be True?329 cited
  • 2003Economic Growth and Judicial Independence: Cross Country Evidence Using a New Set of Indicators197 cited
  • 1995The Comparative Statics of Changes in Risk Revisited149 cited

Cited by

  • 2006Improving Incentives in Unemployment Insurance: A Review of Recent Research255 cited
  • 2005The double-dividend hypothesis of environmental taxes: a survey107 cited
  • 2003Does Venture Capital Investment Spur Employment Growth?94 cited
  • 2005Heterogeneous beliefs and asset pricing in discrete time: An analysis of pessimism and doubt84 cited
  • 2006The Rise and Fall of Swedish Unemployment84 cited
  • 2003The Marginal Cost of Public Funds in OECD Countries; Hours of Work Versus Labor Force Participation74 cited
  • 2009First‐Order Risk Aversion, Heterogeneity, and Asset Market Outcomes71 cited

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  • 2004The Tax Burden on Cross-border Investment: Company Strategies and Country Responses62 cited
  • 2007Trade, Wage Gaps, and Specific Human Capital Accumulation*51 cited
  • 2003Credit Market Imperfections in Middle Income Countries49 cited
  • 2003Statements of ECB Officials and Their Effect on the Level and Volatility of the Euro-Dollar Exchange Rate44 cited
  • 2003Social Union, Convergence and Migration38 cited
  • 2007Whom should we believe? Aggregation of heterogeneous beliefs38 cited
  • 2003All in the Family or Public? Law and Appropriative Costs as Determinants of Ownership Structure35 cited
  • 2003From Excess to Shortage - Recent Developments in the Danish Labour Market32 cited
  • 2003The Role of Public Infrastructure for Firm Location and International Outsourcing31 cited