Waseda Organizational and Financial Economics Seminar:
“Optimal Effort in a Two-Period Model” (5/20)
講演者 / Speaker
WONG, Keith （Professor, Faculty of Business and Economics,University of Hong Kong）
- 研究分野 関心領域
Risk Management, Corporate Finance, Real Options
日 時 / Date & Time
2019年5月20日（月） 13:00～14:30
会 場 / Venue
早稲田大学 早稲田キャンパス 11号館 11階 1111教室
主 旨 / Outline
“Optimal Effort in a Two-Period Model”
This paper develops a generic model of effort in two periods wherein an individual exerts effort in monetary terms in the first period so as to improve risk in the second period. We specify such a risk improvement by means of a linear combination of two fixed distributions that can be ranked via first-order stochastic dominance. When the two fixed distributions degenerate to singletons, our two-period model of effort reduces to the two-period model of self-protection. Within an intertemporal framework with Kreps-Porteus-Selden preferences, we examine the comparative statics of effort with respect to the prevalence of uncertainty and to increased risk aversion. We further examine the precautionary motive of saving in our two-period of effort wherein the uncertainty is endogenously determined by the choice of effort. Finally, we show that our results are consistent with recent experimental evidence about the negative relationship between prudence and self-protection regardless of the timing of loss.
プログラム / Schedule
13:00～13:05 開会の挨拶（宮島 英昭 早稲田大学高等研究所 顧問 ／ 商学学術院 教授）
13:05～14:05 講演
14:05～14:25 質疑応答
14:25～14:30 閉会の挨拶（宮島 英昭）
対 象 / Prospected Audience
学部生・大学院生・教職員・一般
主 催 / Organizer
早稲田大学 産業経営研究所
早稲田大学 高等研究所
申込み / Registration
事前申込み不要です。直接会場にお越しください。
