The Economics of Risk and Time
"Among academic experts, Larry Kotlikoff has earned the title 'Mr. Generational Accounting.' His unfuzzy arithmetic decisively rebuts the Bush tax cuts, which are based on the delusion that 5 - 4 = 6, not 1. Read and judge for yourself the specter of our future: too many retirees dependent on too few working-age people. Fiscal imprudence now mandates broken promises later."--Paul A. Samuelson, MIT, Nobel Laureate in Economic Sciences (1970)"Gollier's treatise on risk and time will be the bible for future finance theory and practice. Get your copy; read and reread. Keep ahead of the competitive mob." Paul A. Samuelson, Massachusetts Institute of Technology"Presents a unified and up-to-date analysis of the expected utility model." Journal of Economic Literature"Gollier's treatise on risk and time will be the bible for future finance theory and practice. Get your copy; read and reread. Keep ahead of the competitive mob."--Paul A. Samuelson, MIT, Nobel Laureate in Economic Sciences (1970)"An authoritative, state-of-the art compendium on expected utility, the savings/portfolio choice problem, and much more."--Jacques Dreze, Center for Operations Research and Econometrics (CORE), Université catholique de Louvain, Belgium"Christian Gollier offers a lucid and comprehensive treatment of the theory of expected utility. He clarifies the deep structure of the theory, and systematically explores the connections between observed decisions and the preferences that generate them. This book will be an invaluable resource for students of choice under uncertainty."--John Y. Campbell, Department of Economics, Harvard University"The problem of household portfolio choice is both basic and complex. It is basic because it confronts any individual with more than minimal savings; it is complex because it involves issues at the frontier of finance theory, including horizon effects, uninsurable labor income risk, and taxation. This book reviews recent theoretical, computational, and econometric advances and applies them to data sets from several developed countries. It will be an extraordinarily valuable resource for researchers and students working on one of the most exciting topics in financial economics."--John Y. Campbell, Department of Economics, Harvard UniversityPlease note: Endorser gives permission to use either complete text or final two sentences as an endorsement."This book is itself a modern classic. It summarizes deftly, succinctly, and elegantly four decades of vintage frontier findings by two score top academics. McKenzie himself is first among equals in this stellar group."--Paul A. Samuelson, MIT, Nobel Laureate in Economic Sciences (1970)