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Closed-Form Solution of General Intertemporal Consumption Maximization Models

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  • Chipman, John S.
  • Tian, Guoqiang

Abstract

This paper considers explicit representations for very general (discrete and continuous-time) intertemporal consumption-maximization models which allow the instantaneous preferences of the consumer and the time-preference factors to vary over time and for the non-existence of utility functions, more than one generation of consumers with a given probability of death, many commodities, and, further, a wide class of preferences which do not necessarily satisfy the so-called “regularity conditions” (such as differentiability, strict convexity, boundedness, or continuity) and include most of the well-known preferences in literature.

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File URL: http://mpra.ub.uni-muenchen.de/41223/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 41223.

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Date of creation: 1993
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Handle: RePEc:pra:mprapa:41223

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Keywords: Closed-form; Solution; Intertemporal Consumption; Maximum Models;

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  1. Cooper, Russel J & McLaren, Keith R, 1983. "Modelling Price Expectations in Intertemporal Consumer Demand Systems: Theory and Application," The Review of Economics and Statistics, MIT Press, vol. 65(2), pages 282-88, May.
  2. Blanchard, Olivier J, 1985. "Debt, Deficits, and Finite Horizons," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 93(2), pages 223-47, April.
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