Chipman, John S. and Tian, Guoqiang (1993): Closed-Form Solution of General Intertemporal Consumption Maximization Models. Published in: Mathematical Modeling in Economics (1993): pp. 95-109.
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This paper considers explicit representations for very general (discrete and continuous-time) intertemporal consumption-maximization models which allow the instantaneous preferences of the consumer and the time-preference factors to vary over time and for the non-existence of utility functions, more than one generation of consumers with a given probability of death, many commodities, and, further, a wide class of preferences which do not necessarily satisfy the so-called “regularity conditions” (such as differentiability, strict convexity, boundedness, or continuity) and include most of the well-known preferences in literature.
|Item Type:||MPRA Paper|
|Original Title:||Closed-Form Solution of General Intertemporal Consumption Maximization Models|
|Keywords:||Closed-form; Solution; Intertemporal Consumption; Maximum Models|
|Subjects:||D - Microeconomics > D9 - Intertemporal Choice > D91 - Intertemporal Household Choice ; Life Cycle Models and Saving|
|Depositing User:||Guoqiang Tian|
|Date Deposited:||19. Sep 2012 11:38|
|Last Modified:||23. Aug 2015 06:10|
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