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並前往http://larspeterhansen.org/wp-content/uploads/2016/10/Intertemporal-Substitution-and-Risk-Aversion.pdf

INTERTEMPORAL SUBSTITUTION AND RISK AVERSION*

Recursive utility gives a useful framework for parameterizing risk aversion and in- tertemporal substitution. As advocated by Epstein and Zin (1989a) and ...

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