Intertemporal choice and the cross-sectional variance of marginal utility:
The theory of intertemporal choice predicts that the cross-sectional variance of the marginal utility of consumption is equal to its own lag plus a constant and a random component. Using general preference specifications and some assumptions about the nature of the random component, we provide an ex...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
1998
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| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
6560 |
| Schlagworte: | |
| Online-Zugang: | kostenfrei |
| Zusammenfassung: | The theory of intertemporal choice predicts that the cross-sectional variance of the marginal utility of consumption is equal to its own lag plus a constant and a random component. Using general preference specifications and some assumptions about the nature of the random component, we provide an explicit test of this hypothesis. Our approach circumvents the necessity to identify a pure age profile of the cross-sectional variance of consumption and yields a well-specified statistical test. This test is applied to data from the United States, the United Kingdom and Italy. The results are remarkably consistent with the restrictions implied by the theory of intertemporal consumption choices. |
| Beschreibung: | 28 S. graph. Darst. |
Internformat
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 6560 | |
| 520 | |a The theory of intertemporal choice predicts that the cross-sectional variance of the marginal utility of consumption is equal to its own lag plus a constant and a random component. Using general preference specifications and some assumptions about the nature of the random component, we provide an explicit test of this hypothesis. Our approach circumvents the necessity to identify a pure age profile of the cross-sectional variance of consumption and yields a well-specified statistical test. This test is applied to data from the United States, the United Kingdom and Italy. The results are remarkably consistent with the restrictions implied by the theory of intertemporal consumption choices. | ||
| 650 | 7 | |a Consommation - Modèles mathématiques |2 ram | |
| 650 | 7 | |a Utilité marginale - Modèles mathématiques |2 ram | |
| 650 | 4 | |a Mathematisches Modell | |
| 650 | 4 | |a Consumption (Economics) |x Mathematical models | |
| 650 | 4 | |a Marginal utility |x Mathematical models | |
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| id | DE-604.BV012077900 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:21:17Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-008176974 |
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| physical | 28 S. graph. Darst. |
| publishDate | 1998 |
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| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Attanasio, Orazio P. 1959- Verfasser (DE-588)129180084 aut Intertemporal choice and the cross-sectional variance of marginal utility Orazio P. Attanasio ; Tullio Jappelli Cambridge, Mass. 1998 28 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 6560 The theory of intertemporal choice predicts that the cross-sectional variance of the marginal utility of consumption is equal to its own lag plus a constant and a random component. Using general preference specifications and some assumptions about the nature of the random component, we provide an explicit test of this hypothesis. Our approach circumvents the necessity to identify a pure age profile of the cross-sectional variance of consumption and yields a well-specified statistical test. This test is applied to data from the United States, the United Kingdom and Italy. The results are remarkably consistent with the restrictions implied by the theory of intertemporal consumption choices. Consommation - Modèles mathématiques ram Utilité marginale - Modèles mathématiques ram Mathematisches Modell Consumption (Economics) Mathematical models Marginal utility Mathematical models Jappelli, Tullio 1956- Verfasser (DE-588)128368659 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 6560 (DE-604)BV002801238 6560 http://papers.nber.org/papers/w6560.pdf kostenfrei Volltext |
| spellingShingle | Attanasio, Orazio P. 1959- Jappelli, Tullio 1956- Intertemporal choice and the cross-sectional variance of marginal utility National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Consommation - Modèles mathématiques ram Utilité marginale - Modèles mathématiques ram Mathematisches Modell Consumption (Economics) Mathematical models Marginal utility Mathematical models |
| title | Intertemporal choice and the cross-sectional variance of marginal utility |
| title_auth | Intertemporal choice and the cross-sectional variance of marginal utility |
| title_exact_search | Intertemporal choice and the cross-sectional variance of marginal utility |
| title_full | Intertemporal choice and the cross-sectional variance of marginal utility Orazio P. Attanasio ; Tullio Jappelli |
| title_fullStr | Intertemporal choice and the cross-sectional variance of marginal utility Orazio P. Attanasio ; Tullio Jappelli |
| title_full_unstemmed | Intertemporal choice and the cross-sectional variance of marginal utility Orazio P. Attanasio ; Tullio Jappelli |
| title_short | Intertemporal choice and the cross-sectional variance of marginal utility |
| title_sort | intertemporal choice and the cross sectional variance of marginal utility |
| topic | Consommation - Modèles mathématiques ram Utilité marginale - Modèles mathématiques ram Mathematisches Modell Consumption (Economics) Mathematical models Marginal utility Mathematical models |
| topic_facet | Consommation - Modèles mathématiques Utilité marginale - Modèles mathématiques Mathematisches Modell Consumption (Economics) Mathematical models Marginal utility Mathematical models |
| url | http://papers.nber.org/papers/w6560.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT attanasiooraziop intertemporalchoiceandthecrosssectionalvarianceofmarginalutility AT jappellitullio intertemporalchoiceandthecrosssectionalvarianceofmarginalutility |