Exotic Preferences for Macroeconomists
Published Date
Copyright 2005
ISBN 0-262-07263-7
We provide a user's guide to exotic preferences: nonlinear time aggregators, departures from expected utility, preferences over time with known and unknown probabilities, risk-sensitive and robust control, hyperbolic discounting, and preferences over sets (temptations). We apply each to a number of classic problems in macroeconomics and finance, including consumption and saving, portfolio choice, asset pricing, and Pareto optimal allocations.
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We provide a user's guide to exotic' preferences: nonlinear time aggregators, departures from expected utility,...