An infinite-horizon model of nonmonotone utility smoothing

Katsutoshi Wakai

Economics Letters, 2012, vol. 116, issue 2, 170-173

Abstract: We provide an infinite-horizon model of nonmonotone intertemporal preferences that capture a strong dislike of volatility involved in a utility sequence. As an intermediate result, we also derive a nonmonotone version of multiple-priors utility.

Keywords: Discount factor; Nonmonotone preferences; Utility smoothing (search for similar items in EconPapers)
JEL-codes: D80 D90 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:116:y:2012:i:2:p:170-173

DOI: 10.1016/j.econlet.2012.02.011

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