|
Archive@NYU >
Stern School of Business >
Economics Working Papers >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/2451/26134
|
| Title: | Exotic Preferences for Macroeconomists |
| Authors: | Backus, David
Routledge, Bryan
Zin, Stanley |
| Keywords: | time preference
risk
uncertainty
ambiguity
robust control
temptation
dynamic consistency
hyperbolic discounting
precautionary saving
equity premium
risk sharing |
| Issue Date: | 13-Sep-2004 |
| Series/Report no.: | EC-04-20 |
| Abstract: | 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. |
| URI: | http://hdl.handle.net/2451/26134 |
| Appears in Collections: | Economics Working Papers
|
All items in Faculty Digital Archive are protected by copyright, with all rights reserved.
|
