Closed-Form Solution of General Intertemporal Consumption Maximization Models
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.
|Date of creation:||1993|
|Date of revision:|
|Publication status:||Published in Mathematical Modeling in Economics (1993): pp. 95-109|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Blanchard, Olivier J, 1985.
"Debt, Deficits, and Finite Horizons,"
Journal of Political Economy,
University of Chicago Press, vol. 93(2), pages 223-47, April.
- 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.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:41223. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)
If references are entirely missing, you can add them using this form.