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Essays in the theory of risk-bearing
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The article was published on 1958-01-01 and is currently open access. It has received 3688 citations till now. The article focuses on the topics: Bearing (mechanical).read more
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The demand for a risky asset in the presence of a background risk
TL;DR: The necessary and sufficient condition for a positive demand for a risky asset depends on two terms capturing respectively the direct effect of risk premium and the dependence between the two risks.
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The logic of normative falsification: rationality and experiments in decision theory
TL;DR: In this article, the authors investigated how normative considerations influenced the development of the theory of individual decision-making under risk and how informal notions of rationality were among the tacit heuristic principles that led to the discovery of generalized models of decision put forward in the early eighties to replace the received model.
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The Demand for Insurance With an Upper Limit on Coverage
J. David Cummins,Olivier Mahul +1 more
TL;DR: In this paper, the authors examined the demand for insurance when the indemnity schedule is subject to an upper limit, and the optimal contract was shown to display full insurance above a deductible up to the cap.
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Entropy and the Value of Information for Investors
TL;DR: In this paper, the authors show that any prior-independent informativeness ordering is complete and is represented by the decrease in entropy of an investor's beliefs, regardless of his preferences, initial wealth, or investment problem.
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A theory of growth and volatility at the aggregate and firm level
Diego Comin,Sunil Mulani +1 more
TL;DR: In this paper, the authors present an endogenous growth model that explains the evolution of the first and second moments of productivity growth at the aggregate and firm level during the post-war period.