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Rince Preferences

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Farmer, Roger E A

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Abstract

This paper presents a class of preferences that yield closed-form solutions to dynamic stochastic choice problems. These preferences are based on a set of axioms that were proposed by Kreps and Porteus. The Kreps-Porteus axioms allow one to separate an agent's attitudes to risk from his or her intertemporal elasticity of substitution. RINCE preferences have the properties of RIsk Neutrality and Constant Elasticity of substitution. Copyright 1990, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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Publisher Info
Article provided by MIT Press in its journal Quarterly Journal of Economics.

Volume (Year): 105 (1990)
Issue (Month): 1 (February)
Pages: 43-60
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Handle: RePEc:tpr:qjecon:v:105:y:1990:i:1:p:43-60

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References listed on IDEAS
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  1. Attanasio, Orazio P & Weber, Guglielmo, 1989. "Intertemporal Substitution, Risk Aversion and the Euler Equation for Consumption," Economic Journal, Royal Economic Society, vol. 99(395), pages 59-73, Supplemen. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Miles Kimball & Philippe Weil, 1992. "Precautionary Saving and Consumption Smoothing Across Time and Possibilities," NBER Working Papers 3976, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Dominik Grafenhofer & Christian Jaag & Christian Keuschnigg & Mirela Keuschnigg, 2006. "Probabilistic Aging," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  3. Christian Jaag, 2005. "The Role of Endogenous Skill Choice in an Aging Economy," Public Economics 0505005, EconWPA. [Downloadable!]
  4. Syed M. Ahsan & Panagiotis Tsigaris, 2008. "The Efficiency Loss of Capital Income Taxation under Imperfect Loss Offset Provisions," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  5. Keuschnigg Christian & Keuschnigg Mirela, 2004. "Aging, Labor Markets and Pension Reform in Austria," GE, Growth, Math methods 0404002, EconWPA. [Downloadable!]
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  6. Jérôme B. Detemple & Christos I. Giannikos, 1995. "Asset and Commodity Prices with Multiattribute Durable Goods," CIRANO Working Papers 95s-47, CIRANO. [Downloadable!]
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  7. David Backus & Bryan Routledge & Stanley Zin, 2004. "Exotic Preferences for Macroeconomists," NBER Working Papers 10597, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Arrau, Patricio & van Wijnbergen, Sweder, 1991. "Intertemporal substitution, risk aversion, and private savings in Mexico," Policy Research Working Paper Series 682, The World Bank. [Downloadable!]
  9. Mark Gertler, 1997. "Government Debt and Social Security in a Life-Cycle Economy," NBER Working Papers 6000, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  10. Patrick Honohan, 1995. "The Impact of Financial and Fiscal Policies on Saving," Papers WP059, Economic and Social Research Institute (ESRI). [Downloadable!]
  11. Juha Kilponen & Helvi Kinnunen & Antti Ripatti, 2006. "Demographic Uncertainty and Labour Market Imperfections in Small Open Economy," Computing in Economics and Finance 2006 227, Society for Computational Economics. [Downloadable!]
  12. Kilponen , Juha & Kinnunen , Helvi & Ripatti , Antti, 2006. "Population ageing in a small open economy – some policy experiments with a tractable general equilibrium model," Research Discussion Papers 28/2006, Bank of Finland. [Downloadable!]
  13. Bommier, Antoine & Rochet, Jean-Charles, 2003. "Risk Aversion and Planning Horizon," IDEI Working Papers 204, Institut d'Économie Industrielle (IDEI), Toulouse, revised Nov 2004. [Downloadable!]
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  14. Andrea Ferrero, 2007. "The long-run determinants of U.S. external imbalances," Staff Reports 295, Federal Reserve Bank of New York. [Downloadable!]
  15. Roger E. A. Farmer, 1990. "Dynasty: A Simple Stochastic Growth Model," UCLA Economics Working Papers 598, UCLA Department of Economics. [Downloadable!]
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