Journal of Economic Literature, Volumen34,Temas1-2American Economic Association, 1996 |
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Página 55
... period t ; mathe- matically , the individual's marginal util- ity of consumption in period t is an increasing function of period ( t −1 ) con- sumption . - This property of intertemporal prefer- ences is termed habit formation . The ba ...
... period t ; mathe- matically , the individual's marginal util- ity of consumption in period t is an increasing function of period ( t −1 ) con- sumption . - This property of intertemporal prefer- ences is termed habit formation . The ba ...
Página 56
... period's con- sumption : it takes more consumption to- day to make him happy if he consumed . more yesterday . The individual's marginal utility with respect to period t consumption is given by the formula : MU1 = ( c ; − λct - 1 ) ̃o ...
... period's con- sumption : it takes more consumption to- day to make him happy if he consumed . more yesterday . The individual's marginal utility with respect to period t consumption is given by the formula : MU1 = ( c ; − λct - 1 ) ̃o ...
Página 68
... period , Treasury Certificates for the 1920-1930 period and sixty - day to ninety - day Prime Com- mercial Paper prior to 1920 [ the data was obtained from Homer ( 1963 ) and Ibbotson and Sinquefeld ( 1978 ) ] . These series were used ...
... period , Treasury Certificates for the 1920-1930 period and sixty - day to ninety - day Prime Com- mercial Paper prior to 1920 [ the data was obtained from Homer ( 1963 ) and Ibbotson and Sinquefeld ( 1978 ) ] . These series were used ...
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