چکیده مقاله
Developing a continuous time heterogeneous agents model under ambiguity augmented with financial friction, we investigate the implications of ambiguity for dynamics of equilibrium wealth distribution among the agents with multiple prior utility The setting in general features agents’ equilibrium consumption, portfolio of an uncertain asset capital and a risk free asset, investment rate as well as price of capital Further, it is shown how ambiguity aversion would work as driving force in reconciling conventional paradigm predictions with a number of stylized facts concerning some asset prices There are two main channels involved The first one is manifested in ambiguity impact on the expected excess return on capital and the second one is reflected in its bearing on the volatility of capital owners’ net worth
کلیدواژهها
نویسندگان
عاطفه حمیدی
شهرداری اراک
Mohammad Feghhi Kashani
Affiliation: Assistant Professor of Economics, Department of Economics, Allameh Tabataba'i University, Tehran, Iran
Zahra Ziyaee
Affiliation: PhD candidate in Monetary Economics, Department of Economics, Allameh Tabataba'i University, Tehran, Iran
شیوه ارجاع
Feghhi Kashani, Mohammad and Ziyaee, Zahra,1401,Dynamics of Wealth Distribution Under Ambiguity,10th International Conference on Management, World Trade, Economics, Finance and Social Sciences
ارائهشده در
مجموعه مقالات دهمین کنفرانس بین المللی مدیریت، تجارت جهانی، اقتصاد، دارایی و علوم اجتماعی25 اردیبهشت 1401