Excel Sheet for "Consumption With Uncertainty and No Financial Markets"
AbstractIn this model we alter the benchmark such that the income stream in the second period is uncertain. The consumer lacks access to markets that would allow them to reallocate their income across time or states. Using the model, we can illustrate how the consumer's economic wellbeing depends on both their preferences and their economic outlook, in particular with respect to income volatility. The model is described in Guo and Gilbert (2014) "Demystifying Financial Markets for Saving and Insurance With Numerical Models" Journal of Economic Education.
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Bibliographic InfoSoftware component provided by Utah State University, Department of Economics and Finance in its series Excel Models for Macroeconomics with number 201303.
Programming language: executable
Date of creation: 30 Sep 2013
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