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Static Decisions May Be Optimal in a Life Cycle Setting

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  • P Simmons

Abstract

In 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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File URL: http://www.york.ac.uk/media/economics/documents/discussionpapers/2011/1118.pdf
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Paper provided by Department of Economics, University of York in its series Discussion Papers with number 11/18.

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Handle: RePEc:yor:yorken:11/18

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Postal: Department of Economics and Related Studies, University of York, York, YO10 5DD, United Kingdom
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Keywords: Multivariate life cycle; Euler equations.;

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  1. repec:att:wimass:9722 is not listed on IDEAS
  2. John Y. Campbell & Jo√£o F. Cocco, 2005. "How Do House Prices Affect Consumption? Evidence From Micro Data," NBER Working Papers 11534, National Bureau of Economic Research, Inc.
  3. Dreze, Jacques H. & Modigliani, Franco, 1972. "Consumption decisions under uncertainty," Journal of Economic Theory, Elsevier, vol. 5(3), pages 308-335, December.
  4. Pierre-Olivier Gourinchas & Jonathan A. Parker, 2002. "Consumption Over the Life Cycle," Econometrica, Econometric Society, vol. 70(1), pages 47-89, January.
  5. Thaler, Richard H, 1990. "Saving, Fungibility, and Mental Accounts," Journal of Economic Perspectives, American Economic Association, vol. 4(1), pages 193-205, Winter.
  6. G. Constantinides, 1990. "Habit formation: a resolution of the equity premium puzzle," Levine's Working Paper Archive 1397, David K. Levine.
  7. Meghir, Costas & Weber, Guglielmo, 1996. "Intertemporal Nonseparability or Borrowing Restrictions? A Disaggregate Analysis Using a U.S. Consumption Panel," Econometrica, Econometric Society, vol. 64(5), pages 1151-81, September.
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