Static Decisions May Be Optimal in a Life Cycle Setting
AbstractIn a multicommodity life cycle setting with uncertainty and time additive expected utility, this note finds necessary and sufficient conditions on preferences for all but one optimal decision each period to be independent of the future and of uncertainty.
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Multivariate life cycle; Euler equations.;
Find related papers by JEL classification:
- D1 - Microeconomics - - Household Behavior
- D9 - Microeconomics - - Intertemporal Choice
- E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
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