The tests are, of course, relevant for other applications of the models, though the emphasis is somewhat different from that needed to aid portfolio selection or corporate financial decisions. This is much lower than estimates obtained from using sample averages to represent expected returns, and the average rate of growth per capita consumption for c, in (11.14). Gucci Timberland Boots Sienna White. What is relevant for the following analysis is not so much the common assumption that taxes are zero but, rather, (i) that all investors face the same tax rates and (ii) that tax rates are the same for all sources of investment income, in particular for capital gains and dividends. Gucci Wedge Espadrille. The difference between the implications of the two models can be important in applied work, but it is neglected here. Gucci Timberland Boots Sienna White. Many such historical episodes have been documented, each with its own unique characteristics, some more extraordinary than others. Gucci Store Seattle Washington WA. Given the evidence that bubbles, although dramatic when they occur, are isolated incidents, it is a weakness of the approach expressed by (10.19) or (10.20) that it leaves unanswered the question of when the bubble terms are likely to be non-zero. Gucci Timberland Boots Sienna White. Also, depending on the weight accorded to risk reduction relative to expected gain, the investor's decision can be interpreted as speculation in the hedge instrument, even though the motive to hedge is also present.