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The Interaction between Time-Nonseparable Preferences and Time Aggregation

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Author Info
Heaton, John
Abstract

This paper specifies and empirically analyzes a continuous-time, linear-quadratic, representative consumer model wit h time-nonseparable preferences of several forms. Within this framewor k, the author shows how time aggregation and time nonseparabilities in preferences over consumption streams can interact. The behavior of b oth seasonally adjusted and unadjusted consumption data is consistent wi th time-nonseparable preferences if consumption goods are durable and i f individuals develop habit over the flow of services from the good. T he data do not support a version of the model that ignores time nonseparabilities in preferences and focuses solely upon time aggregation. Copyright 1993 by The Econometric Society.

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Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 61 (1993)
Issue (Month): 2 (March)
Pages: 353-85
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Handle: RePEc:ecm:emetrp:v:61:y:1993:i:2:p:353-85

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