NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Exotic Preferences for Macroeconomists

David Backus, Bryan Routledge, Stanley Zin

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: This paper was subsequently published as Exotic Preferences for Macroeconomists, David K. Backus, Bryan R. Routledge, Stanley E. Zin, in NBER book NBER Macroeconomics Annual 2004, Volume 19 (2005)

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