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On the Concavity of the Consumption Function with a Quadratic Utility under Liquidity Constraints

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Author Info

  • Shin-Ichi Nishiyama
  • Ryo Kato

Abstract

This paper demonstrates the concavity of the consumption function of infinitely living households under liquidity constraints who are not prudent - i.e. with a quadratic utility. The concavity of the consumption function is closely related to the 3-convexity of the value function.

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File URL: http://hdl.handle.net/10097/55406
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File URL: http://ir.library.tohoku.ac.jp/re/bitstream/10097/55406/1/terg274.pdf
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Bibliographic Info

Paper provided by Graduate School of Economics and Management, Tohoku University in its series TERG Discussion Papers with number 274.

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Length: 10 pages
Date of creation: Sep 2011
Date of revision:
Handle: RePEc:toh:tergaa:274

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References

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  1. Deaton, Angus, 1991. "Saving and Liquidity Constraints," Econometrica, Econometric Society, vol. 59(5), pages 1221-48, September.
  2. Christopher D. Carroll & Miles S. Kimball, 2001. "Liquidity Constraints and Precautionary Saving," NBER Working Papers 8496, National Bureau of Economic Research, Inc.
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Cited by:
  1. Liutang Gong & Ruquan Zhong & Heng-fu Zou, 2012. "On the concavity of the consumption function with the time varying discount rate," CEMA Working Papers 559, China Economics and Management Academy, Central University of Finance and Economics.

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