Nonexpected Utility in Macroeconomics
在无限期最优消费问题中引入一类参数化的Kreps-Porteus非预期效用偏好（广义等弹性效用），将风险态度与跨期替代行为区分开，并考察其对宏观经济学的理论与实证含义。
This paper introduces, within the context of an infinite horizon optimal consumption problem, a parametric class of Kreps-Porteus nonexpected utility preferences—generalized isoelastic utility—which distinguishes attitudes toward risk from behavior toward intertemporal substitution. Some of the theoretical and empirical implications for macroeconomics of these state- and time-nonseparable preferences are examined.