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Income risk aversion with quantity constraints

Schroyen, Fred
Working paper
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URI
http://hdl.handle.net/11250/163208
Date
2010-02
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  • Discussion papers (SAM) [676]
Abstract
In this paper, I consider a consumer with a concave utility

function over n commodities and trace out the consequences of quantity

constraints on product markets for the consumer's aversion towards income

risk. I show that the effect can be decomposed in a cardinal and ordinal

term, that both terms may add up to a non-linear effect on the coefficient

of relative risk aversion, and that a severely rationed consumer may even

become less risk averse then when unconstrained.
Publisher
Norwegian School of Economics and Business Administration. Department of Economics
Series
Discussion paper
2010:8

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