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

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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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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Web page: http://www.econ.tohoku.ac.jp/econ/english/index.html
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  1. Christopher D Carroll & Miles S Kimball, 2001. "Liquidity Constraints and Precautionary Saving," Economics Working Paper Archive 455, The Johns Hopkins University,Department of Economics.
  2. Deaton, Angus, 1991. "Saving and Liquidity Constraints," Econometrica, Econometric Society, vol. 59(5), pages 1221-48, September.
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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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