Risk-Sensitive Consumption and Savings under Rational Inattention
研究了在信息处理能力有限（理性疏忽）且具有风险敏感偏好的家庭如何做出消费储蓄决策，发现理性疏忽会通过收入不确定性和风险敏感性增加预防性储蓄，且对风险敏感家庭的福利损失更大。
This paper studies the consumption-savings behavior of households who have risk-sensitive preferences and suffer from limited information-processing capacity (rational inattention or RI). We first solve the model explicitly and show that RI increases precautionary savings by interacting with income uncertainty and risk sensitivity. Given the closed-form solutions, we find that the RI model displays a wide range of observational equivalence properties, implying that consumption and savings data cannot distinguish between risk sensitivity, robustness, or the discount factor, in any combination. We then show that the welfare costs from RI are larger for risk-sensitive households than any other observationally-equivalent settings.