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An alternative axiomatization of intertemporal utility smoothing

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  • Wakai, Katsutoshi

Abstract

We propose an alternative axiomatization of the model of intertemporal utility smoothing suggested by Wakai (2008) without introducing auxiliary consumption risk.

Suggested Citation

  • Wakai, Katsutoshi, 2013. "An alternative axiomatization of intertemporal utility smoothing," Economics Letters, Elsevier, vol. 119(2), pages 224-227.
    • Handle: RePEc:eee:ecolet:v:119:y:2013:i:2:p:224-227
    DOI: 10.1016/j.econlet.2013.02.025
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    References listed on IDEAS

    as
    1. Paolo Ghirardato & Massimo Marinacci, 2001. "Risk, Ambiguity, and the Separation of Utility and Beliefs," Mathematics of Operations Research, INFORMS, vol. 26(4), pages 864-890, November.
    2. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
    3. Paolo Ghirardato & Fabio Maccheroni & Massimo Marinacci & Marciano Siniscalchi, 2003. "A Subjective Spin on Roulette Wheels," Econometrica, Econometric Society, vol. 71(6), pages 1897-1908, November.
    4. Katsutoshi Wakai, 2008. "A Model of Utility Smoothing," Econometrica, Econometric Society, vol. 76(1), pages 137-153, January.
    5. Gilboa, Itzhak, 1989. "Expectation and Variation in Multi-period Decisions," Econometrica, Econometric Society, vol. 57(5), pages 1153-1169, September.
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    More about this item

    Keywords

    Discount factor; Utility smoothing; Recursive utility;
    All these keywords.

    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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