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Behavioral Biases and the Representative Agent

dc.contributor.authorJouini, Elyès
HAL ID: 6654
dc.contributor.authorNapp, Clotilde
HAL ID: 741006
ORCID: 0000-0002-7008-5949
dc.date.accessioned2009-10-23T13:40:23Z
dc.date.available2009-10-23T13:40:23Z
dc.date.issued2012
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/2319
dc.language.isoenen
dc.subjectHyperbolic Discountingen
dc.subjectBehavioral Agenten
dc.subjectNeurofinanceen
dc.subjectRepresentative Agenten
dc.subjectProbability Weighting Functionen
dc.subject.ddc332en
dc.subject.classificationjelD87en
dc.subject.classificationjelD03en
dc.subject.classificationjelH43en
dc.subject.classificationjelD84en
dc.subject.classificationjelG11en
dc.subject.classificationjelD81en
dc.titleBehavioral Biases and the Representative Agenten
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenIn this paper, we show that behavioral features can be obtained at a group level when the individuals of the group are heterogeneous enough. More precisely, starting from a standard model of Pareto optimal allocations, with expected utility maximizers and exponential dis- counting, but allowing for heterogeneity among agentsíbeliefs and time preference rates, we show that the representative agent exhibits interesting behavioral properties. In particular, we obtain an inverse S-shaped probability distribution weighting function and hyperbolic discounting. We provide possible interpretation as well as applications for this result.en
dc.relation.isversionofjnlnameTheory and Decision
dc.relation.isversionofjnlvol73
dc.relation.isversionofjnlissue1
dc.relation.isversionofjnldate2012
dc.relation.isversionofjnlpages97-123
dc.relation.isversionofdoihttp://dx.doi.org/10.1007/s11238-011-9274-3
dc.description.sponsorshipprivateouien
dc.relation.isversionofjnlpublisherSpringer
dc.subject.ddclabelEconomie financièreen


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