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Consumption, Leisure an Real Balances Optimal Decisions: A Rational Consumer Approach

In: Modelado de fenomenos económicos y financieros: una visión contemporánea

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  • Soriano-Morales, Yazmín Viridiana

    (Instituto Politécnico Nacional)

  • Vallejo-Jiménez, Benjamín

    (Instituto Politécnico Nacional)

  • Venegas-Martínez, Francisco

    () (Instituto Politécnico Nacional)

Abstract

This chapter is aimed at obtaining consumption, real balances, and leisure optimal decisions of an infinitely-lived risk-averse rational consumer. We assume that preferences belong to the family of Constant Relative Risk Aversion (CRRA) utility functions. We also find closed-form solutions of the decision making problem for the posed optimization problem. Finally, some comparative static experiments are carried out.

Suggested Citation

  • Soriano-Morales, Yazmín Viridiana & Vallejo-Jiménez, Benjamín & Venegas-Martínez, Francisco, 2017. "Consumption, Leisure an Real Balances Optimal Decisions: A Rational Consumer Approach," Sección de Estudios de Posgrado e Investigación de la Escuela Superios de Economía del Instituto Politécnico Nacional,in: Udlap (ed.), Modelado de fenomenos económicos y financieros: una visión contemporánea, volume 0, chapter 21, pages 489-500 Escuela Superior de Economía, Instituto Politécnico Nacional.
  • Handle: RePEc:ipn:capitu:015
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