Exotic Preferences for Macroeconomists
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NBER Working Paper No. 10597
Issued in June 2004
NBER Program(s): EFG AP
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.
Published: Exotic Preferences for Macroeconomists, David K. Backus, Bryan R. Routledge, Stanley E. Zin, in NBER Macroeconomics Annual 2004, Volume 19 (2005), MIT Press
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