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David Backus, Bryan Routledge, Stanley Zin
NBER Working Paper No. 10597
Issued in June 2004
NBER Program(s): EFG
AP
---- 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.
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