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来源类型Working Paper
规范类型报告
DOI10.3386/w6560
来源IDWorking Paper 6560
Intertemporal Choice and the Cross-Sectional Variance of Marginal Utility
Orazio P. Attanasio; Tullio Jappelli
发表日期1998-05-01
出版年1998
语种英语
摘要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.
主题Macroeconomics ; Consumption and Investment
URLhttps://www.nber.org/papers/w6560
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/564074
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GB/T 7714
Orazio P. Attanasio,Tullio Jappelli. Intertemporal Choice and the Cross-Sectional Variance of Marginal Utility. 1998.
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