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  • 1
    Electronic Resource
    Electronic Resource
    Springer
    Journal of risk and uncertainty 13 (1996), S. 147-162 
    ISSN: 1573-0476
    Keywords: changes in risk ; linear stochastic dominance ; central dominance ; portfolio decision ; dependent risky assets ; D8 ; G11
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In this article, we show how the order of Linear Stochastic Dominance proposed by Gollier (1995) can be applied to situations with dependent risky assets. This order was shown to be the least constrained necessary and sufficient condition to guarantee that all risk-averse agents reduce their risky position when an increase in risk is imposed. This was done in a model with only one source of risk, as in the standard portfolio problem with one safe asset and one risky asset. We obtain the necessary and sufficient condition for a change in the joint distribution of returns to yield an unambiguous comparative statics result when the two assets are risky. We show in particular that the concept of Linear Stochastic Dominance is sufficient to generate the desired result. These results are linked to existing sufficient conditions in the one-safe-one-risky-asset model, as the condition of strong increase in risk or the monotone likelihood ratio order. They are also compared to those in models where restrictions are on the set of concave utility functions.
    Type of Medium: Electronic Resource
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  • 2
    Publication Date: 2022-12-15
    Description: Les générations futures vont subir un changement climatique dont l’intensité dépendra des sacrifices auxquels nous consentirons pour affronter nos responsabilités. Il est encore temps d’agir. Néanmoins, devant la myriade d’actions possibles, quelles sont celles qu’il faudrait rationnellement mettre en œuvre, à quel coût, à quelle intensité, et quand ? S’il est manifeste que nous avons jusqu’à présent privilégié la « fin de mois », jusqu’où aller pour renforcer la prise en compte des impacts à très long terme de nos efforts, et de leur soutenabilité ? Quelle confiance accorder à la croissance économique et à la recherche scientifique ? Dans sa leçon inaugurale, Christian Gollier présente deux outils opérationnels déterminants pour identifier les actions à mettre en œuvre pour le climat : le taux d’actualisation et la valeur du carbone.
    Keywords: énergie ; développement durable ; changement climatique ; valeur du carbone ; décarbonation ; responsabilité ; croissance ; économie ; climat ; environnement ; politique environnementale ; transition environnementale ; transition énergétique ; bic Book Industry Communication::K Economics, finance, business & management::KC Economics::KCN Environmental economics ; bic Book Industry Communication::K Economics, finance, business & management::KJ Business & management::KJM Management & management techniques::KJMV Management of specific areas::KJMV6 Research & development management ; bic Book Industry Communication::R Earth sciences, geography, environment, planning::RN The environment::RND Environmental policy & protocols
    Language: French
    Format: image/png
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