Intertemporal dependence, impatience, and dynamics☆
Intertemporal dependence, impatience, and dynamics☆
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跨期依赖、急躁、动力☆
DOI：
10.1016/0304-3932(90)90031-x
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发表时间：
1990
期刊：
影响因子：
--
通讯作者：
M. Obstfeld
中科院分区：
文献类型：
--
作者：
M. Obstfeld
本文发展了简单的几何方法来分析消费者行为下递归，但跨时间依赖的口味。由于所研究的偏好不需要是时间累加的，它们允许在给定日期消费的边际效用随其他日期的消费而变化。跨期依赖是由个体时间偏好的可变率引起的。对收入和利率的暂时性和预期性变化的最优消费反应很容易得出，在许多方面与标准的恒定时间偏好模型所隐含的反应相似。直观的解释描述最佳路径的一阶条件。
This paper develops simple geometric methods for analyzing consumer behavior under recursive but intertemporally dependent tastes. Since the preferences studied need not be time-additive, they allow the marginal utility of consumption on a given date to vary with consumption on other dates. Intertemporal dependence is induced by the presence of a variable individual rate of time preference. The optimal consumption responses to transitory and anticipated changes in incomes and interest rates are easily derived and are similar in many respects to the responses implied by the standard, constant time-preference model. Intuitive explanations of the first-order conditions describing optimal paths are provided.