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Explaining the characteristics of the power CRRA utility family /

개인저자
Wakker, Peter P.
수록페이지
1329-1344 p.
발행일자
2008.12.22
출판사
Wiley
초록
[영문]The power family, also known as the family of constant relative risk aversion CRRA, is the most widely used parametric family for fitting utility functions to data. Its characteristics have, however, been little understood, and have led to numerous misunderstandings. This paper explains these characteristics in a manner accessible to a wide audience