Exotic Preferences For Macroeconomists
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Exotic Preferences for Macroeconomists
Author | : David Backus |
Publisher | : |
Total Pages | : 63 |
Release | : 2004 |
Genre | : Economics |
ISBN | : |
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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.