Download or read book Aggregate Consumption Behaviour in a Life Cycle Model with Non additive Recursive Utility written by Queen's University (Kingston, Ont.). Institute for Economic Research and published by Kingston, Ont. : Institute for Economic Research, Queen's University. This book was released on 1987 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Life Cycle Consumption with Recursive Utility written by Larry G. Epstein and published by . This book was released on 1981 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Habits Rationality and Myopia in the Life cycle Consumption Function written by John Muellbauer and published by . This book was released on 1986 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Rational Consumer written by Robert Ernest Hall and published by MIT Press. This book was released on 1990 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Rational Consumer brings together eight articles that represent key points in the development of Robert Hall's ideas on consumption over the past two decades. Since the late 1960s, Robert Hall's research has had a significant impact on the macroeconomic study of consumer behavior. The Rational Consumer brings together eight articles that represent key points in the development of Hall's ideas on consumption over the past two decades. In his introduction, Hall puts this work into perspective, tying together his ideas and pointing to how consumer behavior should work in the future given what he has discovered.Working within the standard intertemporal models of consumption - the overlapping generations model and the infinite lifetime model - Hall's contributions to methodology have been especially important. Particularly noteworthy was his challenge to the prevalent model in which current consumption was seen as deriving from expected future income. Hall argued that consumption was, instead, based upon the actual present discounted value of future income.ContentsIntroduction - The Allocation of Wealth among the Generations of a Family that Lasts Forever - A Theory of Inheritance - The Dynamic Effects of Fiscal Policy in an Economy with Foresight - Consumption Taxes versus Income Taxes: Implications for Economic Growth - Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence - The Sensitivity of Consumption to Transitory Income: Estimates from Panel Data on Households (with Frederic S. Mishkin) - Intertemporal Substitution in Consumption - Survey of Research on the Random Walk of Consumption - The Role of Consumption in Economic Fluctuations
Download or read book The Life Cycle Model with Recursive Utility written by Knut K. Aase and published by . This book was released on 2016 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze optimal consumption, including pensions, during the life time of a consumer using the life cycle model, when the consumer has recursive utility. The model framework is that of continuous-time with diffusion driven uncertainty. The relationship between substitution of consumption and risk aversion is highlighted, and clarified in the context of the life cycle model. We find the optimal consumption in closed form, and illustrate that the recursive utility consumer may prefer to smooth consumption shocks across time and states of the world. This agent consumes and invests to mitigate shocks to the economy, in situations where the conventional consumer is just myopic. This has consequences for what products the financial industry may choose to offer. The resulting model can be used to explain empirical puzzles for aggregates, indicating a plausible choice for the parameters of the utility function, for for the 'average' consumer in the context of life cycle model.
Download or read book Consumption Over the Life Cycle and Over the Business Cycle written by Orazio P. Attanasio and published by . This book was released on 1993 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main aim of this paper is to assess the validity of the life cycle model of consumption. In particular, we address an issue that has recently received much attention, especially in the macroeconomic literature: that of "excess sensitivity" of consumption growth to income growth. We do this using a time series of cross sections and a novel and flexible parameterization of preferences. The former allows us to' address aggregation issues directly, while with the latter we can allow both the discount factor and the elasticity of intertemporal substitution eis to be affected by various observable variables and lifetime wealth. The main findings can be summarized as follows: (i) the excess sensitivity of consumption growth to labor income disappears when we control for demographic variables. This is true both at life cycle and business cycle frequencies. (ii) estimation of a flexible specification of preferences indicates that the elasticity of intertemporal substitution is a function of several variables, including the level of consumption. The eis increases with the level of consumption, as expected. (iii) the variables that change the eis are also important in explaining why we observe excess sensitivity over the business cycle. (iv) we are able to reconcile our results with those reported both in the macro and micro literature. (v) in our specification the elasticity of intertemporal substitution is not very well determined. This result, however, should be taken with care, as we have not made an effort to construct a 'preferred' specification, which would probably include additional controls for labor supply behavior. The evidence presented shows that the life cycle model cannot be easily dismissed. Indeed, we believe that the model does a good job at representing consumption behavior both over the life cycle and over the business cycle.
Download or read book Value and Capital Fifty Years Later written by Stefano Zamagnid and published by Springer. This book was released on 2016-07-27 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Journal of International Economics written by and published by . This book was released on 1991 with total page 856 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Life cycle Models of Consumption written by Angus Deaton and published by . This book was released on 1986 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Dissertation Abstracts International written by and published by . This book was released on 1988 with total page 946 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Taxation and Savings in Canada written by Charles M. Beach and published by . This book was released on 1988 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper is one of the outputs from the Council's three-year study of the taxation of capital income, of the income derived from savings and investments and how fiscal policies affect individual savings. The study begins with a review of the conventional life-cycle theory of savings behaviour and an analysis of the manner in which taxes affect the life-cycle pattern of savings and consumption. Discusses institutional aspects of taxation and savings in Canada, through surveys of the relevant provisions of the tax system as they affect capital income. Summarizes activities in aggregate savings and estimates aggregate consumption functions. The functions are then used for two types of simulation models: impact effects of interest-rate changes on consumption and savings, and the long-run effects over the remainder of the life-cycle resulting from permanent tax reforms. Discusses welfare economics and policy issues surrounding the taxation of capital income under the personal income system, outlining equity and efficiency differences between income and consumption taxation.
Download or read book List of Recent Periodical Articles written by International Monetary Fund Library and published by . This book was released on 1988 with total page 766 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Discrete Choice Methods with Simulation written by Kenneth Train and published by Cambridge University Press. This book was released on 2009-07-06 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes the new generation of discrete choice methods, focusing on the many advances that are made possible by simulation. Researchers use these statistical methods to examine the choices that consumers, households, firms, and other agents make. Each of the major models is covered: logit, generalized extreme value, or GEV (including nested and cross-nested logits), probit, and mixed logit, plus a variety of specifications that build on these basics. Simulation-assisted estimation procedures are investigated and compared, including maximum stimulated likelihood, method of simulated moments, and method of simulated scores. Procedures for drawing from densities are described, including variance reduction techniques such as anithetics and Halton draws. Recent advances in Bayesian procedures are explored, including the use of the Metropolis-Hastings algorithm and its variant Gibbs sampling. The second edition adds chapters on endogeneity and expectation-maximization (EM) algorithms. No other book incorporates all these fields, which have arisen in the past 25 years. The procedures are applicable in many fields, including energy, transportation, environmental studies, health, labor, and marketing.
Download or read book Hitotsubashi Journal of Economics written by and published by . This book was released on 1993 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Recursive Macroeconomic Theory written by Lars Ljungqvist and published by MIT Press. This book was released on 2004 with total page 1120 pages. Available in PDF, EPUB and Kindle. Book excerpt: A significant new edition of a text that offers both tools and sample applications; extensive revisions and seven new chapters improve and expand upon the original treatment.
Download or read book Understanding Consumption written by Angus Deaton and published by Oxford University Press. This book was released on 1992 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: An overview of the saving and consumption patterns of households
