Closed-Form Solutions to Dynamic Stochastic Choice Problems

Roger Farmer

The Warwick Economics Research Paper Series (TWERPS) from University of Warwick, Department of Economics

Abstract: This paper introduces a parametric class of Freps preferences that yield closed form solutions to dynamic stochastic choice problems. These preferences are applied to a simple stochastic macroeconomic model which relaxes the representative agent assumption. This example is designed to illustrate one of the many possible ways in which these preferences may be useful to both theoretical and applied researchers.

Pages: 20 pages
Date: 1987
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Citations: View citations in EconPapers (2)

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https://warwick.ac.uk/fac/soc/economics/research/w ... 78-1988/twerp282.pdf

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Working Paper: Closed-Form Solutions to Dynamic Stochastic Choice Problems (1987)
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Persistent link: https://EconPapers.repec.org/RePEc:wrk:warwec:282

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