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|Title: ||Exotic Preferences for Macroeconomists|
|Authors: ||Backus, David K.|
Routledge, Bryan R.
Zin, Stanley E.
|Keywords: ||time preference|
|Issue Date: ||18-Jun-2004 |
|Series/Report no.: ||S-MF-04-13|
|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
|Appears in Collections:||Macro Finance|
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