ANTICIPATED UTILITY AND RATIONAL EXPECTATIONS AS APPROXIMATIONS OF BAYESIAN DECISION MAKING

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Inflation-Gap Persistence in the U.S. (2008, background): “Thus, combinations clustered near the 45 degree line represent pairs for which there was little or no change between years x and y.”
The Macroeconomics of Trend Inflation (2014, background): “Cogley and Sargent (2008) compare the decision rules under this approximation with exact Bayesian decision rules and demonstrate that the approximation is good as long as precautionary motives are not too strong.”
Trend Inflation, Indexation, and Inflation Persistence in the New Keynesian Phillips Curve (2008, methodology): “When solving the minimum-distance problem (17), we constrain α, , and θ to lie in the economically meaningful ranges listed in table 2.”
Learning about Consumption Dynamics (2014, methodology): “Following Piazzesi and Schneider (2010) and Cogley and Sargent (2009), we use Kreps (1988) anticipated utility approach to price assets.”
A New Keynesian model with heterogeneous expectations (2009, background): “( 23 ) is the rational expectations model (the ARE) associated with the heterogeneous expectations model.”