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  • Product Description

In the presence of an investment opportunity, a borrower decides whether to invest. I find that - depending on the borrower''s personal wealth and the presence of limited liability - the investment is not always undertaken, which leads to investment distortion. Furthermore, when the borrower has intertemporal consumption preference rather than aggregate consumption preference, the potential investment distortion problem is weakly exacerbated. The change of the borrower''s risk preference from constant absolute risk aversion to decreasing absolute risk aversion lowers the occurrence of the potential investment distortion as his personal wealth increases. Furthermore, when the borrower is privately informed about his personal wealth, the Revelation Principle applies and the naive contract which is derived from public information case is optimal.

Product Specifications
SKU :COC29195
AuthorLiang Fu
Number of Pages92
Publishing Year12/23/2010
Edition1 st
Book TypeEconomics
Country of ManufactureIndia
Product BrandLAP LAMBERT Academic Publishing
Product Packaging InfoBox
In The Box1 Piece
Product First Available On ClickOnCare.com2015-07-29 00:00:00