Exotic Preferences for Macroeconomists

David Backus, Bryan Routledge () and Stanley Zin

No 10597, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: D81 D91 (search for similar items in EconPapers)
Date: 2004-06
New Economics Papers: this item is included in nep-evo, nep-fin and nep-mac
Note: EFG AP
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Citations: View citations in EconPapers (125)

Published as Exotic Preferences for Macroeconomists , David K. Backus, Bryan R. Routledge, Stanley E. Zin. in NBER Macroeconomics Annual 2004, Volume 19 , Gertler and Rogoff. 2005

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Chapter: Exotic Preferences for Macroeconomists (2005)
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