In previous work, we proposed a method to address mathematical inconvenience by extending the constant elasticity of substitution (CES) utility function in Inukai, Shimodaira, and Shiozawa (2022, ISER DP No.1195). However, the relationships between the extended CES parameters and the external...

Recursive preferences have found widespread application in representative-agent asset-pricing models and general equilibrium. A majority of these applications exploit two decision-theoretic properties not shared by the standard model of intertemporal choice: (i) agents care about the...

Among the reasons behind the choice behavior of an individual taking a stochastic form are her potential indifference or indecisiveness between certain alternatives, and/or her willingness to experiment in the sense of occasionally deviating from choosing a best alternative in order to give a...