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BEGIN:VEVENT
DTSTAMP:20260428T040200Z
DTSTART;VALUE=DATE-TIME:20230201T110000
DTEND;VALUE=DATE-TIME:20230201T120000
SUMMARY:General Equilibrium with Unhedgeable Fundamentals and Heterogeneo
 us Agents\; Paolo Guasoni (Dublin City University)
TZID:Europe/London
UID:20230201-8a17841a86e4dbee018701e2876b1f47@warwick.ac.uk
CREATED:20230321T023525Z
DESCRIPTION:Abstract: We solve a general equilibrium model in which aggre
 gate consumption has uninsurable growth shocks\, rendering the market dy
 namically incomplete. Several long-lived agents with heterogeneous risk-
 aversion and time-preference make consumption and investment decisions\,
  trading risky assets and borrowing from and lending to each other. For 
 small growth fluctuations\, we obtain closed-form expressions for stock 
 prices\, interest rates\, and consumption and trading policies. Agents' 
 stochastic discount factors depend on the history of unhedgeable shocks\
 , agents trade assets dynamically\, and the dispersion of agents' prefer
 ences impacts both the interest rate and asset prices\, hence no represe
 ntative agent exists. Unless otherwise specified\, in Term 2 and Term 3\
 , the Stochastic Finance seminar takes place on Wednesdays\, starting at
  11:00 am. In Term 2\, the seminar takes place in Room B2.02 (Chemistry 
 and Science Concourse). While the seminars will run in person\, there is
  also the possibility to join via MS Teams. If you wish to be added to t
 he respective Team\, please contact the seminar organiser Miryana Grigor
 ova. All are welcome.
LOCATION:B2.02 (Chemistry and Science Concourse) and via Teams
CATEGORIES:
LAST-MODIFIED:20230321T023525Z
ORGANIZER;CN=Christopher Buck:
END:VEVENT
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