On Risk Induced by Technical Change
Purpose: The purpose of this paper is to analyze the efficiency loss due to incomplete financial markets when risk is induced by technological uncertainty. Design/methodology/approach: A worker-capitalist general equilibrium model is developed. It is assumed that future technical change is a stocha...
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Format: | Article |
Language: | English |
Published: |
Eastern Macedonia and Thrace Institute of Technology
2017-03-01
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Series: | International Journal of Business and Economic Sciences Applied Research |
Subjects: | |
Online Access: | http://ijbesar.teiemt.gr/docs/volume10_issue1/risk_induced_technical_change.pdf |