Closed-Form Solutions to Dynamic Stochastic Choice Problems
AbstractThis paper introduces a parametric class of Freps preferences that yield closed form solutions to dynamic stochastic choice problems. These preferences are applied to a simple stochastic macroeconomic model which relaxes the representative agent assumption. This example is designed to illustrate one of the many possible ways in which these preferences may be useful to both theoretical and applied researchers.
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Bibliographic InfoPaper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 282.
Length: 20 pages
Date of creation: 1987
Date of revision:
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