Housing and relative risk aversion |
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| Authors: | Francesco Zanetti |
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| Institution: | University of Oxford, Department of Economics, Manor Road, Oxford, OX1 3UQ, UK |
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| Abstract: | This paper derives closed-form and numerical solutions for relative risk aversion in a standard consumption-based model enriched with housing. The presence of housing enables the household to hedge against unexpected shocks and may decrease relative risk aversion. In addition, housing may generate state-dependent, time-varying risk aversion. |
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| Keywords: | D81 E21 R21 |
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