Larry G. Epstein

Selected Publications

• Stationary cardinal utility and optimal growth under uncertainty, J. Econ. Theory 1983.
  
• The rate of time preference and dynamic economic analysis, J. Pol. Econ. 1983, with A. Hynes.
• A simple dynamic general equilibrium model, J. Econ. Theory 1987.
• Risk aversion and asset prices, J. Mon. Econ. 1988.
• Substitution, risk aversion and the temporal behavior of consumption and asset returns: a theoretical framework, Econometrica 1989, with S. Zin.
• First-order risk aversion and the equity premium puzzle, J. Mon. Econ. 1990, with S. Zin.
  
• Substitution, risk aversion and the temporal behavior of consumption and asset returns: an empirical analysis, J. Pol. Econ. 1991, with S. Zin.
• Stochastic differential utility, Econometrica 1992, with D. Duffie.
• Quadratic social welfare functions, J. Pol. Econ. 1992, with U. Segal.
• Dynamically consistent beliefs must be Bayesian, J. Econ. Theory 1993, with M. LeBreton.
• Intertemporal asset pricing under Knightian uncertainty, Econometrica 1994, with T. Wang.
• `Beliefs about beliefs' without probabilities, Econometrica 1996, with T. Wang.
• A definition of uncertainty aversion, Rev. Ec. Stud. 1999.
• A revelation principle for competing mechanisms, J. Econ. Theory 1999, with M. Peters.
  
• Are probabilities used in markets? J. Econ. Theory 2000.
  
• Subjective probabilities on subjectively unambiguous events, Econometrica 2001, with J. Zhang.
• Sharing ambiguity, Amer. Econ. Rev. Proceedings, 2001.
• The independence axiom and asset returns, J. Emp. Finan. 2001, with S. Zin.
• Recursive multiple-priors, J. Econ. Theory 2003, with M. Schneider.
• An axiomatic model of non-Bayesian updating, Rev. Ec. Stud. 2006.
• Cold feet, Theoretical Econ. 2007, with I. Kopylov.
• Coarse contingencies and ambiguity, Theoretical Econ. 2007, with M. Marinacci and K. Seo.
• Learning under ambiguity, Rev. Ec. Stud. 2007, with M. Schneider. Supplementary appendix.
• Ambiguity, information quality and asset pricing, J. Finance 2008, with M. Schneider.
• Non-Bayesian updating: a theoretical framework, with J. Noor and A. Sandroni, Theoretical Econ. 2008. 
• Living with risk, Rev. Ec. Stud., 2008.
• Subjective states: a more robust model, Games and Economic Behavior 2009, with K. Seo.

Working Papers

• Symmetry of evidence without evidence of symmetry, with Kyoungwon Seo, revised July 2009.
• A de Finetti theorem for capacities: ambiguity about correlation, with Kyoungwon Seo, forthcoming.
• Three paradoxes for the `smooth ambiguity' model of preference, revised November, 2009.
  
• Non-Bayesian learning, with J. Noor and A. Sandroni, September 2009.
  

CV