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Exotic Preferences for Macroeconomists


David K. Backus


NYU Stern School of Business; National Bureau of Economic Research (NBER)

Bryan Routledge


Carnegie Mellon University - David A. Tepper School of Business

Stanley E. Zin


New York University (NYU); National Bureau of Economic Research (NBER)
June 2004

NYU Working Paper No. S-MF-04-13

Abstract:     
We provide a userâ¬"s guide to â¬Sexoticâ¬? preferences: nonlinear time aggregators, departures from expected utility, preferences over time with known and unknown probabilities, risk sensitive and robust control, â¬Shyperbolicâ¬? discounting, and preferences over sets (â¬Stemptationsâ¬?). 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.

Number of Pages in PDF File: 57

Keywords: time preference, risk, uncertainty, ambiguity, robust control, temptation, dynamic consistency, hyperbolic discounting, precautionary saving, equity premium, risk sharing

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Date posted: November 7, 2008  

Suggested Citation

Backus, David K., Routledge, Bryan R. and Zin, Stanley E., Exotic Preferences for Macroeconomists (June 2004). NYU Working Paper No. S-MF-04-13. Available at SSRN: http://ssrn.com/abstract=1296383

Contact Information

David K. Backus (Contact Author)
NYU Stern School of Business ( email )
44 West Fourth Street
New York, NY 10012
United States
212-998-0873 (Phone)
212-995-4220 (Fax)
HOME PAGE: http://pages.stern.nyu.edu/~dbackus/
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
HOME PAGE: http://pages.stern.nyu.edu/~dbackus/
Bryan R. Routledge
Carnegie Mellon University - David A. Tepper School of Business ( email )
5000 Forbes Avenue
Pittsburgh, PA 15213-3890
United States
(412) 268-7588 (Phone)
(412) 268-7064 (Fax)
Stanley E. Zin
New York University (NYU) ( email )
Bobst Library, E-resource Acquisitions
20 Cooper Square 3rd Floor
New York, NY 10003-711
United States
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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