Počet záznamů: 1
Decision theory and stochastic growth
- 1.0575747 - NHÚ 2024 RIV US eng J - Článek v odborném periodiku
Robson, A. - Samuelson, L. - Steiner, Jakub
Decision theory and stochastic growth.
American Economic Review: Insights. Roč. 5, č. 3 (2023), s. 357-376. ISSN 2640-205X. E-ISSN 2640-2068
GRANT EU: European Commission(XE) 770652 - BEHAVFRICTIONS
Institucionální podpora: RVO:67985998
Klíčová slova: stochastic growth * rational inattention * wishful thinking
Obor OECD: Economic Theory
Způsob publikování: Omezený přístup
https://www.aeaweb.org/articles?id=10.1257/aeri.20220456
This paper examines connections between stochastic growth and decision problems. We use tools from the theory of large deviations to show that wishful thinking decision problems are equivalent to utility maximization problems, both of which are equivalent to growth maximization under idiosyncratic risk. Rational inattention problems are equivalent to growth-optimal portfolio problems, both of which are equivalent to growth maximization under aggregate risk. Stochastic growth generates extreme inequality, with nearly all wealth eventually held by those who happen to have faced empirical distributions that match the solution to the wishful thinking or rational inattention problem.
Trvalý link: https://hdl.handle.net/11104/0345480
Název souboru Staženo Velikost Komentář Verze Přístup steiner_AERI_2023.pdf 8 1 MB Vydavatelský postprint povolen
Počet záznamů: 1