Randomly evolving tastes and delayed commitment
نویسندگان
چکیده
Abstract We consider a decision maker with randomly evolving tastes who faces dynamic situations that involve intertemporal tradeoffs, such as those in consumption savings problems. axiomatize recursive representation of choice features uncertain utilities, which evolve according to subjective Markov process. The parameters the representation, are process governing evolution and discount factor, uniquely identified from behavior. relate correlation over time desire delay commitment future consumption.
منابع مشابه
Randomly Evolving Tastes and Delayed Commitment
We consider a decision maker with randomly evolving tastes who faces dynamic decision situations that involve intertemporal tradeoffs, such as those in consumption savings problems. We axiomatize a recursive representation of choice that features uncertain consumption utilities, which evolve according to a subjective Markov process. The parameters of the representation, which are the subjective...
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ژورنال
عنوان ژورنال: Journal of Mathematical Economics
سال: 2021
ISSN: ['1873-1538', '0304-4068']
DOI: https://doi.org/10.1016/j.jmateco.2020.09.007