We develop a general framework to study source-dependent preferences in economic contexts. We behaviorally identify two key features. First, we drop the assumption of uniform uncertainty attitudes and allow for source-dependent attitudes. Second, we introduce subjective prices to compare outcomes across different sources. Our model evaluates profiles source-wise, by computing the source-dependent certainty equivalents; the latter are converted into the unit of account of a common source and then aggregated into a unique evaluation. By viewing time and location as instances of sources, we show that subjective discount factors and subjective exchange rates are emblematic examples of subjective prices. Finally, we use the model to explore the implications on optimal portfolio allocations and home bias. Key words: source preference, source-dependent uncertainty attitudes, subjective prices, competence hypothesis, home bias

中文翻译：

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不确定性和主观价格的来源

我们开发了一个通用框架来研究经济环境中依赖于来源的偏好。我们从行为上确定了两个关键特征。首先，我们放弃统一不确定性态度的假设，并允许依赖于源的态度。其次，我们引入主观价格以比较不同来源的结果。我们的模型通过计算与源相关的确定性等价物，以源方式评估配置文件；后者被转换为共同来源的会计单位，然后汇总为唯一的评估。通过将时间和地点视为来源实例，我们表明主观折扣因子和主观汇率是主观价格的象征性例子。最后，我们使用该模型来探索对最优投资组合分配和本国偏好的影响。关键字：来源偏好，