Abstract
We analyze the effects of jointly heterogeneous discount factors and risk tolerances on the preferences of the conventional representative agent. We show that the risk aversion of the representative agent is monotone increasing (decreasing) with time when discount factors and risk tolerances are anti-co-monotone (co-monotone) among agents.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
