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Investment Decision Under Uncertainty: Applications of the State-Preference Approach

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  • J. Hirshleifer

Abstract

Introduction, 252. — I. State preference, risk aversion, and the utility-of-income function, 254. — II. Optimal capital structure, 264. — III. Uncertainty and the discount rate for public investment, 268. — IV. Concluding remarks, 275.

Suggested Citation

  • J. Hirshleifer, 1966. "Investment Decision Under Uncertainty: Applications of the State-Preference Approach," The Quarterly Journal of Economics, Oxford University Press, vol. 80(2), pages 252-277.
  • Handle: RePEc:oup:qjecon:v:80:y:1966:i:2:p:252-277.
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    Cited by:

    1. James J. McRae, 1975. "Economic Theory and Non Replenishable Resources," Canadian Public Policy, University of Toronto Press, vol. 1(1), pages 58-65, Winter.
    2. Roth Tran, Brigitte, 2015. "Divest, Disregard, or Double Down?," University of California at San Diego, Economics Working Paper Series qt1hw1k2ps, Department of Economics, UC San Diego.
    3. Martin McGuire & Gary Becker, 2006. "Reversal Of Misfortune When Providing For Adversity," Defence and Peace Economics, Taylor & Francis Journals, vol. 17(6), pages 619-643.
    4. Bill Woodland & Linda Woodland, 1999. "Expected utility, skewness, and the baseball betting market," Applied Economics, Taylor & Francis Journals, vol. 31(3), pages 337-345.
    5. Hausken, Kjell, 2006. "Jack Hirshleifer: A Nobel Prize left unbestowed," European Journal of Political Economy, Elsevier, vol. 22(2), pages 251-276, June.
    6. Tirelli, Mario, 2006. "The evaluation of public investments under uncertainty," Research in Economics, Elsevier, vol. 60(4), pages 188-198, December.
    7. Schindler, Dirk, 2008. "Human Capital, Multiple Income Risk and Social Insurance," Discussion Papers 2008/18, Norwegian School of Economics, Department of Business and Management Science.
    8. Merton, Robert, 1990. "Capital market theory and the pricing of financial securities," Handbook of Monetary Economics,in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 11, pages 497-581 Elsevier.
    9. Syed Ahsan & Panagiotis Tsigaris, 2002. "Measuring the Social Discount Rate under Uncertainty: A Methodology and Application," CESifo Working Paper Series 824, CESifo Group Munich.
    10. Jack Hirshleifer, 1973. "Exchange Theory- The Missing Chapter," UCLA Economics Working Papers 035, UCLA Department of Economics.
    11. Lu Zhang, 2017. "The Investment CAPM," NBER Working Papers 23226, National Bureau of Economic Research, Inc.
    12. Dirk Schindler, 2008. "Taxing Risky Capital Income - A Commodity Taxation Approach," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 64(3), pages 311-333, September.
    13. repec:eee:ecolet:v:160:y:2017:i:c:p:24-28 is not listed on IDEAS
    14. Bruce C. Greenwald & Joseph E. Stiglitz, 1991. "Information, Finance, and Markets: The Architecture of Allocative Mechanisms," NBER Working Papers 3652, National Bureau of Economic Research, Inc.
    15. Schlee, Edward E., 2013. "Radner’s cost–benefit analysis in the small: An equivalence result," Economics Letters, Elsevier, vol. 120(3), pages 570-572.
    16. repec:hur:ijarbs:v:8:y:2018:i:1:p:167-186 is not listed on IDEAS
    17. Jack Hirshleifer, 1989. "Investment Decision Criteria - Public Decisions," UCLA Economics Working Papers 571, UCLA Department of Economics.
    18. Michael Spackman, 2011. "Government discounting controversies: changing prices, opportunity costs and systematic risk," GRI Working Papers 67, Grantham Research Institute on Climate Change and the Environment.
    19. Steffen Andersen & James C. Cox & Glenn W. Harrison & Morten Lau & Elisabet E. Rutstroem & Vjollca Sadiraj, 2011. "Asset Integration and Attitudes to Risk: Theory and Evidence," Working Papers 2011_10, Durham University Business School.
    20. TIRELLI, Mario, 2000. "Capital income taxation when markets are incomplete," CORE Discussion Papers 2000011, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    21. Lutz Hahnenstein & Klaus Röder, 2007. "Who hedges more when leverage is endogenous? A testable theory of corporate risk management under general distributional conditions," Review of Quantitative Finance and Accounting, Springer, vol. 28(4), pages 353-391, May.
    22. repec:eee:ijrema:v:25:y:2008:i:4:p:310-318 is not listed on IDEAS
    23. Brigitte Roth Tran, 2017. "Divest, Disregard, or Double Down?," Finance and Economics Discussion Series 2017-042, Board of Governors of the Federal Reserve System (U.S.).

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