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Closed-Form Solutions of General Intertemporal Consumption-Maximization Models

  • John S. Chipman
  • Guoqiang Tian

Abstract

This paper considers explicit representations for very general (discrete and continuous-time) intertemporal consumption-maximization models which allow the instantaneous preferences of the consumer and the time-preference factors to vary over time and for the the non-existence of utility functions, more than one generation of consumers with a given probability of death, many commodities, and, further, a wide class of preferences which do not necessarily satisfy the so-called “regularity conditions” (such as differentiability, strict convexity, boundedness, or continuity) and include most of the well-known preferences in the literature.

Keywords

Utility Function Demand Function Monotonic Transformation Indirect Utility Function Borrowing Constraint 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer-Verlag Berlin · Heidelberg 1993

Authors and Affiliations

  • John S. Chipman
    • 1
  • Guoqiang Tian
    • 2
  1. 1.University of MinnesotaUSA
  2. 2.Texas A&M UniversityUSA

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