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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.
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.
We provide a useracirc;not;quot;s guide to acirc;not;Sexoticacirc;not;? preferences: nonlinear time aggregators, departures from expected utility, preferences over time with known and unknown probabilities, risk sensitive and robust control, acirc;not;Shyperbolicacirc;not;? discounting, and preferences over sets (acirc;not;Stemptationsacirc;not;?). 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.
Papers by leading researchers consider such questions as the effect of government debt on interest rates; technology shocks, demand shocks, and output volatility; and procyclical macroeconomic policies in developing countries.
The Handbook is a definitive reference source and teaching aid for econometricians. It examines models, estimation theory, data analysis and field applications in econometrics.
An analysis of how individual preferences are formed, whether they can be predicted and the extent to which they are influenced by emotion rather than reason.
George Loewenstein is one of the pioneers of the rapidly growing field of behavioral economics. For over twenty years he has been working at the intersection of economics and psychology and is one of the few people of whom it can be said that their work is equally respected and well known within both disciplines. This book brings together a selection of his papers focusing on what he calls "exotic preferences"— the disparate motives that drive human behavior. In addition to covering the history and methodology of behavioral economics, they also touch on a wide range of fascinating topics such as the motives that drive extreme athletes, our propensity to want to get unpleasant experiences out of the way so we can focus on the more pleasant, and the psychology of curiosity. There are also papers on social preferences, discussing the importance of perceptions of fairness in interpersonal interactions, intertemporal choice— the tradeoffs between costs and benefits occurring at different points in time— and the impact of emotion on economic decision making. An original introduction outlines Loewenstein's general approach to research, and there are short introductions to each paper outlining briefly when, how and why they came to be written, providing a fascinating and vivid insight into the process of intellectual creativity.
The NBER Macroeconomics Annual presents pioneering work in macroeconomics by leading academic researchers addressed to a broad audience of public policymakers as well as to the academic community. Each paper is followed by comments and discussion to give a more complete context for the views expressed. The 2004 edition features a range of papers aimed at providing coherent and informative answers to such important questions as the effect of federal government debt on interest rates; the stochastic dimension of the American economy; the role of technology as a source of economic fluctuations; and the interaction of capital flows, fiscal policy, and monetary policies in developing countries, emerging markets, and OECD countries.