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Identifier to cite or link to this item: https://hdl.handle.net/10086/14591

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Title
Preference for early resolution and commitment
Creator
Creator Name
Miyazaki, Kenji Miyazaki, Kenji
宮﨑, 憲治 宮﨑, 憲治
Affiliation
Affiliation Name
Hosei University
Creator Name
Saito, Makoto Saito, Makoto
齊藤, 誠 齊藤, 誠
Affiliation
Affiliation Name
Hitotsubashi University
Rights
Copyright (C)2004, Elsevier Inc. The definitive version is published in Finance Research Letters Vol.1, Issue.2, 2004, 10.1016/j.frl.2004.03.006 .
Key Word
Liquidity
Commitment
Resolution of uncertainty
Abstract
Exploring the result of Epstein (1980) under more general utility function that incorporates Kreps–Porteus preferences, this paper demonstrate that not only strong intertemporal substitution, but also preference for the early resolution makes consumers postpone commitment to non-durable consumption and hold more liquid assets. It also discusses a potential advantage of Kreps–Porteus preferences in examining the interaction between asset pricing and liquidity demand.
Publisher
Elsevier Inc.
Issued Date
2004-06
Language
English(eng)
Resource Type
journal article
Version Type
AM
Is Version OfRelation -
Related Identifier
DOI
  10.1016/j.frl.2004.03.006
ISSN
1544-6123
NCID
AA11857806
Source Title
Finance Research Letters
Volume Number
1
Issue Number
2
Page Start
113
Page End
118
Appears in Collections
010a Journal Articles　=　雑誌掲載論文
URL
https://hdl.handle.net/10086/14591