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Recursive Preferences
David K. Backus Leonard N. Stern School of Business - Department of Economics Bryan Routledge Carnegie Mellon University - David A. Tepper School of Business Stanley E. Zin New York University; National Bureau of Economic Research (NBER) December 2005 NYU Working Paper No. 2451/26114 Abstract: We summarize the class of recursive preferences. These preferences fit naturally with recursive solution methods and hold the promise of generating new insights into familiar problems. Portfolio choice is used as an example.
Keywords: time preference, risk, uncertainty, ambiguity, robust control, temptation, dynamic consistency, hyperbolic discounting, precautionary saving, equity premium, risk sharing Working Paper SeriesDate posted: October 13, 2008 ; Last revised: February 09, 2009Suggested CitationContact Information
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