Dynamic Preference for Flexibility
研究消费者在面临跨期权衡和短暂口味冲击时，如何形成对消费计划的偏好，并给出一个递归决策模型，其中不确定性依赖于可观察状态，状态遵循主观马尔可夫过程。
We consider a decision maker who faces dynamic decision situations that involve intertemporal trade-offs, as in consumption–savings problems, and who experiences taste shocks that are transient contingent on the state of the world. We axiomatize a recursive representation of choice over state contingent infinite horizon consumption problems, where uncertainty about consumption utilities depends on the observable state and the state follows a subjective Markov process. The parameters of the representation are the subjective process that governs the evolution of beliefs over consumption utilities and the discount factor; they are uniquely identified from behavior. We characterize a natural notion of greater preference for flexibility in terms of a dilation of beliefs. An important special case of our representation is a recursive version of the Anscombe–Aumann model with parameters that include a subjective Markov process over states and state-dependent utilities, all of which are uniquely identified.