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Baxter and Jermann (1997) argue that the puzzle is worse than you think If we consider that all of our own human capital is concentrated in the home country, hedging will require us to invest even a larger proportion of our wealth abroad Theoretical Explanations for Home Bias How do we solve the puzzle or explain the home bias Let us rst consider theoretical explanations and then institutional ones The CRRA utility function (741) used by French and Poterba is unrealistic In the consumption context, Carroll and Kimball (1996) and Vinod (1998), among others, argue that CRRA utility should be rejected because it does not lead to a concave consumption function, as it should These authors propose using a hyperbolic or diminishing absolute risk aversion (HyDARA) utility function Another way of stating this issue is that CRRA is unrealistic because it gives inadequate importance to uncertainty.



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, Advertising Prescription Drugs to Consumers: Assessing the Regulatory and Liability Issues, Ga L Rev, 32, 141 180 (1997)..

So far, in our example, scripts terminated things pretty abruptly. When we were done with our last command, we just ended the script. There s a more elegant way of completing things available to us. Every command that runs in the shell uses an exit status to indicate to the shell that it s done processing. The exit status is an integer value between 0 and 255 that s passed by the command to the shell when the command finishes running. You can capture this value and use it in your scripts.





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The Greeks had a word for it. The root of the adjective heuristic comes from their term for invent or discover. Heuristics has come to mean a way of education or computer programming that proceeds by experiment or observation, rather than theory, and sometimes employs rules of thumb to find solutions or answers. We all act heuristically every day.

For the feature-driven component patterns, the location of the initial component is important. You need to match the placement of the initial component with the position of the original feature from which the pattern was created, not one of the patterned instances. You can get around this requirement if you use the Select Seed Position option. When you do this, the feature pattern instances all appear with dots and you can select which instance to use as the seed. Again, the selected dot is blue and unselected dots are purple, nearly indistinguishable at the size and spacing of the dots. Figure 15.5 shows the PropertyManager interface for a feature-driven component pattern. n

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Proof These assertions are trivial consequences of the state change equation For instance, the proof of the rst point is as follows: v t m = v t m + v t C = v t m DEFINITION 314 (Linear invariants) Let (R, m0 ) be a marked net, a linear invariant denotes the equation: m A(R, m0 ), v t m = v t m0 where v is a P - ow In the case of a P -semi ow, we say that it is a positive invariant The positive invariants have numerous applications For instance, every place belonging to the support of a P - ow v is bounded whatever the initial marking, since m(p) v(p) 1 v t m0 Similarly, from an invariant m(p) + m(q) + = 1, we deduce that p and q cannot be simultaneously marked.

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A second theoretical explanation of home bias is that EUT assumed above is unrealistic A need for non-EUT models is explained in the survey by Starmer (2000) Vinod (2001) considers risk aversion, stochastic dominance, and non-EUT in the context of portfolio theory These modi cations lead to a revision of (743) involving a nonlinear transformation of weights for greater realism A third theoretical explanation is that the model lumps all risk in the variance term based on the distribution of returns Since the currency devaluation risk applies only for foreign investments, it can be large enough to.

where X ( k ) denotes the DFT. The DHT can be expressed in terms of the DFT as X H ( 5 ) = J {X(k))- S ( X ( 5 ) ) . (4.89) Theproperties of theDHT can easily be derived from the definition (4.86). Like in the continuous-time case, most of them are very similar to the properties of the Fourier transform. We will briefly discuss the most important ones. The proofs are essentially the same as for the continuous-time case and are omitted here. Time Inversion. From (4.86) we see that

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