Risk-Free Bond Prices in Incomplete Markets with Recursive Utility Functions and Multiple Beliefs

We consider an exchange economy under uncertainty, in which agents' utility functions exhibit constant absolute risk aversion, but they may be recursive and the expected utility calculation may be based on multiple subjective beliefs. The risk aversion coefficients, subjective beliefs, subjective time discount factors, initial endowments, and tradeable assets may differ across agents. We prove that the risk-free bond price goes down (and the interest rate goes up) monotonically as the markets become more complete. We find the range of equilibrium bond prices that depends on the primitives of the economy but not on the structures of financial markets.multiple priors; no trade; dynamic consistency; interim efficiency; rectangularityi

On the Range of the Risk-Free Interest Rate in Incomplete Markets

In a model of a two-period exchange economy under uncertainty, we find both upper and lower bounds for the risk free interest rate when the agents' utility functions exhibit constant absolute risk aversion. These bounds are independent of the degree of market incompleteness, and so in particular these results show to what extent market incompleteness can explain the risk-free rate puzzle in this class of general equilibrium models with heterogeneous agents. A general method of finding these bounds without the assumption of constant absolute risk aversion is also presented.The risk-free rate puzzle, constant absolute risk aversion, incomplete markets, general equilibrium.

Legionnaires\u27 Disease, its Bacteriological Characteristics, Distribution and Clinical Features in Japan

DISTRIBUTION OF LEGIONELLA SPECIES FROM ENVIRONMENTAL SOURCE IN JAPAN Each 500 ml of 408 water samples including 343 coiling tower water from sites widely distributed over Japan, 25 samples of paddy field, 29 samples of river and 11 samples of lake, fountain, puddle and shower water in Nagasaki area, was obtained and centrifuged at 10,000 rpm for 20 min. The sediments were cultured in a selective medium1) for isolation of Legionella spp. after low pH treatment. In some negative samples, 3 ml of the sediments were inoculated to guinea pigs intraperitoneally and they were sacrificed four days later. The peritoneal swab and homogenate of spleen were inoculated to B-CYE agar, Each 200 g of soil was suspended in 400 ml of distilled water with 0.5% of Tween 60 far 20 min. The supernatant was centrifuged at 1,000 rpm for 10 min., and again the supernatant was centrifuged at 3,000 rpm for 10 min. The sediment were obtained and used for isolation of Legionella spp

Retroperitoneoscopic Nephrectomy for Treatment of a Case of Left Single Ectopic Ureter Accompanied by Dysplastic Kidney

We report the case of a 7-year-old girl with a single ectopic ureter who was treated with retroperitoneoscopic nephrectomy for a chief complaint of urinary incontinence. Preoperative CT showed a contrasted dysplastic kidney of 1cm in the renal fossa and a left ureteral opening into the vagina. Retroperitoneoscopic left nephrectomy was conducted with opening of the lateroconal fascia to enable identification of the dysplastic kidney. No intraoperative complications were encountered. Urinary incontinence improved immediately after surgery. This case shows that a retroperitoneal approach can be used in nephrectomy if the position of the kidney can be determined preoperatively