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dc.contributor.authorJouini, Elyès
dc.contributor.authorNapp, Clotilde
dc.date.accessioned2011-06-15T14:37:41Z
dc.date.available2011-06-15T14:37:41Z
dc.date.issued2012-07
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/6511
dc.language.isoenen
dc.subjectBehavioral agenten
dc.subjectrepresentative agenten
dc.subjectneurofinanceen
dc.subjectProbability Weighting Functionen
dc.subjectHyperbolic Discountingen
dc.subject.ddc332en
dc.subject.classificationjelG11en
dc.subject.classificationjelD81en
dc.subject.classificationjelD84en
dc.subject.classificationjelD87en
dc.subject.classificationjelH43en
dc.titleBehavioral biases and the representative agenten
dc.typeCommunication / Conférence
dc.description.abstractenIn this note, we consider an economy with heterogeneous agents, differing by their time preference rate and by their beliefs. We show that at the Pareto optimum, the representative agent exhibits interesting behavioral properties. More precisely, starting from a standard model with expected utility maximizers and exponential discounting, but allowing for heterogeneity among agentsí beliefs and time preference rates, we obtain at the representative agent level an inverse S-shaped probability distribution weighting function and hyperbolic discounting. We provide possible interpretation and applications for this result.en
dc.identifier.citationpages28en
dc.description.sponsorshipprivateouien
dc.subject.ddclabelEconomie financièreen
dc.relation.conftitle35th Seminar of the European Group of Risk and Insurance Economicsen
dc.relation.confdate2008-09
dc.relation.confcityToulouseen
dc.relation.confcountryFranceen


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