We consider a decision maker with randomly evolving tastes who faces dynamic decision situations that involve intertemporal tradeoffs, such as those in consumption savings problems. We axiomatize a recursive representation of choice that features uncertain consumption utilities, which evolve according to a subjective Markov process. The parameters of the representation, which are the subjective Markov process governing the evolution of utilities, and the discount factor, are uniquely identified from behavior. We relate the correlation of tastes over time and the desire to delay commitment to future consumption.

中文翻译：

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随机变化的口味和延迟的承诺

我们考虑了一个具有随机进化品味的决策者，他面临着涉及跨期权衡的动态决策情况，例如消费储蓄问题。我们公理化了选择的递归表示，该表示具有不确定的消费效用，其根据主观马尔可夫过程演变。表征的参数，即控制效用演化的主观马尔可夫过程和贴现因子，是从行为中唯一标识的。我们将品味随时间的相关性与推迟对未来消费的承诺联系起来。