首页|A new preference model that allows for narrow framingx2729;
A new preference model that allows for narrow framingx2729;
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NSTL
Elsevier
Narrow framing is the idea that, when considering a monetary risk, the individual evaluates it to some extent in isolation and separately from her other risks. Originally documented in experimental settings, narrow framing has been widely applied to explain real-world investor behavior. We show that a prominent mathematical model of narrow framing presented in Barberis and Huang (2009) has some drawbacks that limit its applicability. We then propose a new model of narrow framing that overcomes these limitations and show its tractability in applications to choice over monetary gambles.(c) 2021 Elsevier B.V. All rights reserved.
Narrow framingRecursive utilityExistence and uniquenessDynamic programmingRisk attitudesMYOPIC LOSS AVERSIONPROSPECT-THEORYEQUITY PREMIUMPORTFOLIO CHOICERISK-AVERSIONDECISIONUTILITYCONSUMPTION
NSTL
Elsevier
