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- Title
UNCERTAINTY, LEARNING AND GROWTH.
- Authors
GALINDEV, RAGCHAASUREN
- Abstract
The paper extends Blackburn and Galindev's ( Economics Letters, Vol. 79 (2003), pp. 417–421) stochastic growth model in which productivity growth entails both external and internal learning behaviour with a constant relative risk aversion utility function and productivity shocks. Consequently, the relationship between long-term growth and short-term volatility depends not only on the relative importance of each learning mechanism but also on a parameter measuring individuals' attitude towards risk.
- Subjects
FINANCIAL markets; MONEY market; RISK aversion; UTILITY functions; LEARNING ability; MARKET volatility; FINANCIAL risk; SECURITIES industry; SECONDARY markets
- Publication
Manchester School (1463-6786), 2008, Vol 76, Issue 5, p539
- ISSN
1463-6786
- Publication type
Article
- DOI
10.1111/j.1467-9957.2008.01075.x