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Utility functions, future consumption targets and subsistence thresholds

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  • Ashok Guha

    (SMU)

  • Brishti Guha

Abstract

If the consumers risk aversion behavior varies intertemporally and if the risk aversion coefficient on future consumption becomes very large, the consumer tends to aim at a fixed future consumption target. A by-product is a reinterpretation of subsistence theories of consumption.

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Bibliographic Info

Paper provided by East Asian Bureau of Economic Research in its series Microeconomics Working Papers with number 22431.

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Date of creation: Jan 2008
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Handle: RePEc:eab:microe:22431

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Postal: JG Crawford Building #13, Asia Pacific School of Economics and Government, Australian National University, ACT 0200
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Keywords: Intertemporal Consumer Choice; theories of consumption; risk aversion coefficient;

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  1. Dan Ben-David, 1997. "Convergence Clubs and Subsistence Economies," NBER Working Papers 6267, National Bureau of Economic Research, Inc.
  2. Andrew A. Samwick, 1998. "Tax Reform and Target Savings," NBER Working Papers 6640, National Bureau of Economic Research, Inc.
  3. Steger, Thomas M., 2000. "Economic growth with subsistence consumption," Journal of Development Economics, Elsevier, vol. 62(2), pages 343-361, August.
  4. Ashok S. Guha & Brishti Guha, 2008. "Target Saving In An Overlapping Generations Model," Macroeconomics Working Papers 22433, East Asian Bureau of Economic Research.
  5. Carroll, Christopher D., 2011. "Theoretical foundations of buffer stock saving," CFS Working Paper Series 2011/15, Center for Financial Studies (CFS).
  6. Dalgaard, Carl-Johan & Strulik, Holger, 2007. "A Bioeconomic Foundation of the Malthusian Equilibrium: Body Size and Population Size in the Long-Run," Hannover Economic Papers (HEP) dp-373, Leibniz Universit├Ąt Hannover, Wirtschaftswissenschaftliche Fakult├Ąt.
  7. Dasgupta, Partha, 1997. "Nutritional status, the capacity for work, and poverty traps," Journal of Econometrics, Elsevier, vol. 77(1), pages 5-37, March.
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