Pi Josephson junction - Revision history

en>Trappist the monk: Cite repair;

2015-01-03T21:09:04Z

Cite repair;

← Older revision		Revision as of 23:09, 3 January 2015
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	~~{{Use dmy dates\|date=July 2012}}~~		Wilber Berryhill is what his wife enjoys to call him [http://www.indosfriends.com/profile-253/info/ tarot readings] and [https://www-ocl.gist.ac.kr/work/xe/?document_srl=605236 real psychics] he completely enjoys this title. Office supervising is where my main earnings arrives from but I've always needed my personal company. Some time ago she selected to live in Alaska and her mothers and fathers reside close by. To play lacross is some thing I really appreciate doing.<br><br>Also visit my web site: [http://www.herandkingscounty.com/content/information-and-facts-you-must-know-about-hobbies free psychic readings]
	~~In economics, '''Epstein–Zin preferences''' refers to a specification of recursive [[utility]].~~

	A recursive utility function can be constructed from two components: a time aggregator that characterizes preferences in the absence of uncertainty and a risk aggregator that defines the certainty equivalent function that characterizes preferences over static gambles and is ~~used~~ to ~~aggregate the risk associated with future utility.~~ ~~With Epstein–Zin preferences, the time aggregator is a linearly homogenous~~ [~~[CES aggregate]] of current consumption and the certainty equivalent of future utility. Specifically, the date-t utility index, <math>U_t<~~/~~math>, for a sequence of positive scalar consumptions <math>\{c_t, c_{t+1}, c_{t+2},~~ ..~~.\}<~~/~~math>, that are potentially stochastic for time periods beyond date t, is defined recursively as the solution to the nonlinear stochastic difference equation~~
	~~:<math>~~
	~~U_t = [ (1~~-~~\beta) c_t^\rho + \beta \mu_t(U_{t+1})^\rho ]^{1~~/~~\rho} ,~~
	</~~math>~~
	~~where <math>\mu_t( )</math> is a real-valued certainty equivalent operator.~~ ~~The parameter <math>0<\beta<1<~~/~~math> determines the marginal rate of time preference, <math>1~~/~~\beta~~ -~~1</math>, and the parameter <math>\rho<1<~~/~~math> determines the elasticity of intertemporal substitution, <math>1~~/~~(1-\rho)<~~/~~math>. Epstein and Zin considered a variety of certainty equivalent operators, but a popular choice for both theoretical and empirical research has been <math>\mu_t(U_{t+1})~~=~~[E_t U_{t+1}^\alpha~~]~~^{1/\alpha}</math>,~~ where ~~<math>E_t</math> denotes the expected value of probability distribution of <math>U_{t+1}</math>, conditional on information available~~ to ~~the planner~~ in ~~date t~~. ~~The parameter <math>\alpha < 1</math> encodes risk aversion, with smaller values of <math>\alpha</math> implying a stronger aversion to risk~~. ~~The parameter restriction~~ <~~math~~>~~\alpha=\rho~~<~~/math~~> ~~results in a time-additive [[Von Neumann–Morgenstern utility theorem\|von Neumann–Morgenstern]] expected utility index.~~

	~~==References==~~
	* {{cite journal \|title=Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: ~~A Theoretical Framework \|last=Epstein \|first=Larry G. \|authorlink2=Stan Zin \|last2=Zin \|first2=Stanley E. \|journal=~~[~~[Econometrica]] \|volume=57 \|issue=4 \|year=1989 \|pages=937–969 \|doi= \|jstor=1913778 }}~~
	* {{cite book \|chapter=Recursive Preferences \|last=Backus \|first=David K. \|last2=Routledge \|first2=Bryan R. \|last3=Zin \|first3=Stanley E. \|title=[[The New Palgrave Dictionary of Economics]] \|edition=Second \|editor1-first=Steven N. \|editor1-last=Durlauf \|editor2-first=Lawrence E. \|editor2-last=Blume \|publisher=Palgrave Macmillan \|year=2008 \|chapterurl=http://www.~~dictionaryofeconomics~~.com/~~article?id=pde2008_R000260 }}~~

	~~{{DEFAULTSORT:Epstein~~-~~Zin preferences}}~~
	~~[[Category:Microeconomics]~~]
	~~[[Category:Consumer theory]]~~


	~~{{microeconomics-stub}}~~

en>EdwardGoldobin: /* See also */

2014-01-28T12:12:37Z

See also

← Older revision		Revision as of 14:12, 28 January 2014
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	~~Hi there~~, ~~I am Sophia~~. ~~Distributing production is where my primary income comes~~ from and ~~it's some thing I really enjoy. My wife~~ and ~~I reside in Mississippi but now I'm considering other options~~. ~~What I love doing~~ is ~~football but I don't have~~ the ~~time lately~~.<br><br>~~My page~~ ... [~~http:~~//~~Www~~.~~Weddingwall~~.~~Com~~.au/~~groups~~/~~easy~~-~~advice~~-~~for~~-~~successful~~-~~personal~~-~~development~~-~~today/ are psychics real~~]		{{Use dmy dates\|date=July 2012}}
			In economics, '''Epstein–Zin preferences''' refers to a specification of recursive [[utility]].

			A recursive utility function can be constructed from two components: a time aggregator that characterizes preferences in the absence of uncertainty and a risk aggregator that defines the certainty equivalent function that characterizes preferences over static gambles and is used to aggregate the risk associated with future utility. With Epstein–Zin preferences, the time aggregator is a linearly homogenous [[CES aggregate]] of current consumption and the certainty equivalent of future utility. Specifically, the date-t utility index, <math>U_t</math>, for a sequence of positive scalar consumptions <math>\{c_t, c_{t+1}, c_{t+2}, ...\}</math>, that are potentially stochastic for time periods beyond date t, is defined recursively as the solution to the nonlinear stochastic difference equation
			:<math>
			U_t = [ (1-\beta) c_t^\rho + \beta \mu_t(U_{t+1})^\rho ]^{1/\rho} ,
			</math>
			where <math>\mu_t( )</math> is a real-valued certainty equivalent operator. The parameter <math>0<\beta<1</math> determines the marginal rate of time preference, <math>1/\beta -1</math>, and the parameter <math>\rho<1</math> determines the elasticity of intertemporal substitution, <math>1/(1-\rho)</math>. Epstein and Zin considered a variety of certainty equivalent operators, but a popular choice for both theoretical and empirical research has been <math>\mu_t(U_{t+1})=[E_t U_{t+1}^\alpha]^{1/\alpha}</math>, where <math>E_t</math> denotes the expected value of probability distribution of <math>U_{t+1}</math>, conditional on information available to the planner in date t. The parameter <math>\alpha < 1</math> encodes risk aversion, with smaller values of <math>\alpha</math> implying a stronger aversion to risk. The parameter restriction <math>\alpha=\rho</math> results in a time-additive [[Von Neumann–Morgenstern utility theorem\|von Neumann–Morgenstern]] expected utility index.

			==References==
			* {{cite journal \|title=Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework \|last=Epstein \|first=Larry G. \|authorlink2=Stan Zin \|last2=Zin \|first2=Stanley E. \|journal=[[Econometrica]] \|volume=57 \|issue=4 \|year=1989 \|pages=937–969 \|doi= \|jstor=1913778 }}
			* {{cite book \|chapter=Recursive Preferences \|last=Backus \|first=David K. \|last2=Routledge \|first2=Bryan R. \|last3=Zin \|first3=Stanley E. \|title=[[The New Palgrave Dictionary of Economics]] \|edition=Second \|editor1-first=Steven N. \|editor1-last=Durlauf \|editor2-first=Lawrence E. \|editor2-last=Blume \|publisher=Palgrave Macmillan \|year=2008 \|chapterurl=http://www.dictionaryofeconomics.com/article?id=pde2008_R000260 }}

			{{DEFAULTSORT:Epstein-Zin preferences}}
			[[Category:Microeconomics]]
			[[Category:Consumer theory]]


			{{microeconomics-stub}}

en>Bibcode Bot: Adding 1 arxiv eprint(s), 0 bibcode(s) and 0 doi(s). Did it miss something? Report bugs, errors, and suggestions at User talk:Bibcode Bot

2012-08-22T07:52:38Z

Adding 1 arxiv eprint(s), 0 bibcode(s) and 0 doi(s). Did it miss something? Report bugs, errors, and suggestions at User talk:Bibcode Bot

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Hi there, I am Sophia. Distributing production is where my primary income comes from and it's some thing I really enjoy. My wife and I reside in Mississippi but now I'm considering other options. What I love doing is football but I don't have the time lately.<br><br>My page ... [http://Www.Weddingwall.Com.au/groups/easy-advice-for-successful-personal-development-today/ are psychics real]