期刊
QUARTERLY JOURNAL OF ECONOMICS
卷 116, 期 1, 页码 55-79出版社
OXFORD UNIV PRESS INC
DOI: 10.1162/003355301556347
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We extend expected utility theory to situations in which agents experience feelings of anticipation prior to the resolution of uncertainty. We show how these anticipatory feelings may result in time inconsistency. We provide an example from portfolio theory to illustrate the potential impact of anticipation on asset prices.
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