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dc.contributor.authorPasche, Markusen
dc.date.accessioned2009-10-20-
dc.date.accessioned2010-05-20T14:33:36Z-
dc.date.available2010-05-20T14:33:36Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/32560-
dc.description.abstractOne of Keynes' core issues in his liquidity preference theory is how fundamental uncertainty affects the propensity to hold money as a liquid asset. The paper critically assesses various formal representations of fundamental uncertainty and provides an argument for a more boundedly rational approach to portfolio choice between liquidity and risky assets. The choice is made on the basis of individual beliefs which are subject to mental representations of the underlying economic structure. Self-consciousness arises when the agent is aware of the fact that beliefs are dispersed among agents due to the absence of a true model. Responding to this fact by increasing liquidity preference is rationalized by the higher ex post performance of choice. Moreover, we analyze the case that the portfolio is partially financed by debt. It is explored how fundamental uncertainty affects the volume of the portfolio and hence money and credit demand as well as the probability of debt failures.en
dc.language.isoengen
dc.publisher|aFriedrich Schiller University Jena and Max Planck Institute of Economics |cJenaen
dc.relation.ispartofseries|aJena Economic Research Papers |x2009,085en
dc.subject.jelG11en
dc.subject.jelD81en
dc.subject.jelE41en
dc.subject.jelB31en
dc.subject.ddc330en
dc.subject.keywordliquidity preferenceen
dc.subject.keywordportfolio choiceen
dc.subject.keywordself-confidenceen
dc.subject.keywordself-consciousnessen
dc.subject.keywordfundamental uncertaintyen
dc.subject.keywordbounded rationalityen
dc.subject.keywordKeynesen
dc.subject.keywordKnighten
dc.subject.stwLiquiditätspräferenzen
dc.subject.stwEntscheidung bei Unsicherheiten
dc.subject.stwBeschränkte Rationalitäten
dc.subject.stwPortfolio-Managementen
dc.subject.stwAnlageverhaltenen
dc.subject.stwTheorieen
dc.titleFundamental uncertainty, portfolio choice, and liquidity preference theory-
dc.typeWorking Paperen
dc.identifier.ppn610710486en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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