Title of article
Growth trends, cyclical fluctuations, and welfare with non-expected utility preferences
Author/Authors
Pemberton، نويسنده , , James ، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 1996
Pages
6
From page
387
To page
392
Abstract
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 individualsʹ utility. These conclusions are drastically altered if, instead, non-EU preferences are assumed.
Keywords
Recursive preferences , Growth and cycles , Non-expected utility , Representative agent models
Journal title
Economics Letters
Serial Year
1996
Journal title
Economics Letters
Record number
434078
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