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Jointly radial and translation homothetic preferences: generalized constant risk aversion |
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| Authors: | |
| Institution: | (1) Department of Agricultural and Resource Economics, University of Maryland, College Park, MD 20742, USA;(2) University of Western Australia, Nedlands WA, AUSTRALIA;(3) Department of Economics and Department of Agricultural Economics, The Oregon State University, OR 97331 Covallis, USA;(4) Department of Economics, University of Queensland, Brisbane, Qld., AUSTRALIA |
| Abstract: | Summary. The paper identifies the structural restrictions on preferences required for them to exhibit both translation homotheticity in particular direction and radial homotheticity. The results are illustrated by an application to an asset allocation problem in the absence of riskless asset.Received: 22 January 2002, Revised: 31 March 2003, JEL Classification Numbers: D8, D2. Correspondence to: Robert G. Chambers |
| Keywords: | Translation homotheticity Radial homotheticity |
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