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Market Constraints as a Rationale for the Friedman-Savage Utility Function
(University of Chicago Press, 1981-08)
Arbitrage, Clientele Effects, and the Term Structure of Interest Rates
(Cambridge University Press, 1991-12)
This paper derives a new and intuitive estimation procedure for the term structure under potential tax arbitrage. No a priori assumptions regarding the equality of the prices and present values of bonds are made. The data ...
Labor Migration and Risk Aversion in Less Developed Countries
(University of Chicago Press, 1986)
In this paper we question the pioneering work of Todaro, which states that rural-to-urban labor migration in less developed countries (LDCs) is an individual response to a higher urban expected income. We demonstrate that ...