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Wealth And Consumer Horizon: Evidence From A Developing Economy

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  • Prem S. Laumas

Abstract

This paper presents new evidence on the length of consumer horizon, which represents an important aspect of the Permanent Income Hypothesis. It uses data on private wealth of India for 1949–50 to 1974–75. Time varying parameter estimation is used to derive annual values of consumer discount rate and horizon. The findings support Friedman's view that horizon is approximately three years long. The author discusses the plausibility of his findings.

Suggested Citation

  • Prem S. Laumas, 1992. "Wealth And Consumer Horizon: Evidence From A Developing Economy," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 38(1), pages 71-79, March.
    • Handle: RePEc:bla:revinw:v:38:y:1992:i:1:p:71-79
    DOI: 10.1111/j.1475-4991.1992.tb00402.x
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