کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5099624 | 1377019 | 2007 | 24 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Short-term planning and the life-cycle consumption puzzle
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موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
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چکیده انگلیسی
We develop a new life-cycle consumption model where the individual has a short planning horizon. Standard life-cycle consumers with perfect foresight and 'hand-to-mouth' consumers are both special (limiting) cases of our model, where the length of the planning horizon is set to the entire lifetime and zero, respectively. We derive an analytical solution to the (time inconsistent) short-term planning problem, which reveals the inner workings of the model and facilitates its use in other settings. We also show that the short-term planning mechanism is powerful enough to generate a consumption hump with the right size and location.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 31, Issue 4, April 2007, Pages 1392-1415
Journal: Journal of Economic Dynamics and Control - Volume 31, Issue 4, April 2007, Pages 1392-1415
نویسندگان
Frank Caliendo, David Aadland,