递归偏好与不确定性态度
Recursive Preferences and Ambiguity Attitudes
AI总结：
本文研究了模糊性下递归偏好的单调性和递归性，提出确定等价函数的翻译不变性，并扩展了递归多重先验的矩形性概念，为动态一致性提供了可检验的条件。
摘要：
单调性和递归性是模糊性下跨期消费问题中的核心假设。我们证明单调递归偏好既具有递归表示也具有事前表示，并且与这些表示相关的确定等价函数在翻译下是不变的。翻译不变性意味着决策者的不确定性态度是恒定的，即它们不随福利或效用水平的变化而变化。最后，我们建立一个将两种确定等价函数联系起来的方程，扩展了递归多重先验的矩形性概念，我们称之为广义矩形性。该方程提供了一个简单、可检验的动态一致性条件。
英文摘要：
Monotonicity and recursivity are central assumptions in intertemporal consumption problems under ambiguity. We show that monotone recursive preferences admit both a recursive and an ex-ante representation, and that the certainty equivalent functionals associated with these representations are translation invariant. Translation invariance implies that the decision maker's ambiguity attitudes are constant, in the sense that they do not vary with the level of welfare or utility. Finally, we establish an equation linking the two certainty equivalent functionals that extends the notion of rectangularity for recursive multiple priors, which we call generalized rectangularity. This equation yields a simple, testable condition for dynamic consistency.
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