Decision theory and stochastic growth (Record no. 525274)
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| 000 -LEADER | |
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| fixed length control field | 01226nam a22001457a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION | |
| fixed length control field | 240220b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Robson, Arthur Samuelson, Larry and Steiner, Jakub |
| 245 ## - TITLE STATEMENT | |
| Title | Decision theory and stochastic growth |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) | |
| Place of publication, distribution, etc | The American Economic Review: Insights |
| 300 ## - PHYSICAL DESCRIPTION | |
| Extent | 5(3), Sep, 2023: p.357-376 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc | This paper examines connections between stochastic growth and decision problems. We use tools from the theory of large deviations to show that wishful thinking decision problems are equivalent to utility maximization problems, both of which are equivalent to growth maximization under idiosyncratic risk. Rational inattention problems are equivalent to growth-optimal portfolio problems, both of which are equivalent to growth maximization under aggregate risk. Stochastic growth generates extreme inequality, with nearly all wealth eventually held by those who happen to have faced empirical distributions that match the solution to the wishful thinking or rational inattention problem.- Reproduced https://www.aeaweb.org/articles?id=10.1257/aeri.20220456 |
| 773 ## - HOST ITEM ENTRY | |
| Main entry heading | The American Economic Review: Insights |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) | |
| Subject DIP | DECISION MAKING |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) | |
| Item type | Articles |
| Withdrawn status | Lost status | Source of classification or shelving scheme | Damaged status | Not for loan | Permanent location | Current location | Date acquired | Serial Enumeration / chronology | Barcode | Date last seen | Koha item type |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Indian Institute of Public Administration | Indian Institute of Public Administration | 2024-02-20 | 5(3), Sep, 2023: p.357-376 | AR131081 | 2024-02-20 | Articles |