Ambiguity aversion and incompleteness of financial markets
It is widely thought that incomes risks can be shared by trading in financial assets. But financial assets typically carry some risk idiosyncratic to them, hence, disposing incomes risk using financial assets will involve buying into the inherent idiosyncratic risk. However, standard theory argues t...
| Main Authors: | , |
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| 格式: | Working paper |
| 出版: |
University of Oxford
2000
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