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摘要翻译：
我表明，如果资本积累动态是随机的，除了会计价格所给出的项之外，还必须引入一个新的项，以便对一个经济体的真正财富作出正确的估计。在一个具有乘法积累动力学的简单模型中，我证明了：1）价值函数总是波动率的递减函数；2）会计价格受波动率的影响；3）新项总是对财富变化的负贡献。我讨论了效用函数为常数弹性的模型的结果。当边际效用弹性大于1时，会计价格随波动率增加，当边际效用弹性小于1时，会计价格随波动率降低。这些结论在采用最优储蓄率时没有改变。
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英文标题：
《A note on wealth in a volatile economy》
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作者：
M. Marsili
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最新提交年份：
2008
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分类信息：
一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类：Physics 物理学
二级分类：Physics and Society 物理学与社会
分类描述：Structure, dynamics and collective behavior of societies and groups (human or otherwise). Quantitative analysis of social networks and other complex networks. Physics and engineering of infrastructure and systems of broad societal impact (e.g., energy grids, transportation networks).
社会和团体（人类或其他）的结构、动态和集体行为。社会网络和其他复杂网络的定量分析。具有广泛社会影响的基础设施和系统（如能源网、运输网络）的物理和工程。
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英文摘要：
I show that if the capital accumulation dynamics is stochastic a new term, in addition to that given by accounting prices, has to be introduced in order to derive a correct estimate of the genuine wealth of an economy. In a simple model with multiplicative accumulation dynamics I show that: 1) the value function is always a decreasing function of volatility 2) the accounting prices are affected by volatility 3) the new term always gives a negative contribution to wealth changes. I discuss results for models with constant elasticity utility functions. When the elasticity of marginal utility is larger than one, accounting prices increase with volatility whereas when it is less than one accounting prices decrease with volatility. These conclusions are not altered when adopting optimal saving rates.
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PDF链接：
https://arxiv.org/pdf/0804.2772
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