Psychological expected utility theory and anticipatory feelings

• 成果类型: Article
• 署名作者: Caplin, A; Leahy, J
• 署名单位: New York University; Boston University
• 刊物名称: QUARTERLY JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0033-5533
• DOI: 10.1162/003355301556347
• 发表日期: 2001
• 页码: 55-79
• 关键词: Dynamic consistency; decision-making; uncertainty; INFORMATION; CHOICE; disappointment; consumption; preference; stress

摘要

We extend expected utility theory to situations in which agents experience feelings of anticipation prior to the resolution of uncertainty. We show how these anticipatory feelings may result in time inconsistency. We provide an example from portfolio theory to illustrate the potential impact of anticipation on asset prices.