Closed-Form Solutions to Dynamic Stochastic Choice Problems
This 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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|Date of creation:||1987|
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