@inbook{10.7312/bart16628.17,
URL = {http://www.jstor.org/stable/10.7312/bart16628.17},
abstract = {ALLAIS’S THEORY of psychological time and memory decay plays a central role in his formulation of the demand for money. However, this theory purports to describe the operation of memory in general, not just in the context of monetary dynamics. It is, in fact, independent of monetary dynamics. It can be interpreted as a general theory of “expectations” under uncertainty. Can it, therefore, explain other phenomena?With his theory of the psychological rate of interest, Allais suggests that the theory of psychological time and memory decay is indeed liable to shed light on the determination of nominal interest rates.Allais},
bookauthor = {Eric Barthalon},
booktitle = {Uncertainty, Expectations, and Financial Instability: Reviving Allais's Lost Theory of Psychological Time},
pages = {153--180},
publisher = {Columbia University Press},
title = {The HRL Formulation and Nominal Interest Rates},
year = {2014}
}