Growth trends, cyclical fluctuations, and welfare with non-expected utility preferences

被引：13

作者：

Pemberton, J

机构：

[1] Department of Economics, Fac. of Letters and Social Science, University of Reading, Whiteknights, Reading RG6 6AA

来源：

ECONOMICS LETTERS | 1996年 / 50卷 / 03期

关键词：

growth and cycles; representative agent models; non-expected utility; recursive preferences; disappointment aversion;

D O I：

10.1016/0165-1765(95)00760-1

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Using standard time-separable, discounted expected utility (EU) models, Lucas (Models of Business Cycles, 1987) and others argue that growth trends have a crucial, and cyclical fluctuations a trivial, effect on individuals' utility. These conclusions are drastically altered if, instead, non-EU preferences are assumed.

引用

页码：387 / 392

页数：6

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