Mathematical Modelling in Economics pp 95-109 | Cite as

# Closed-Form Solutions of General Intertemporal Consumption-Maximization Models

## 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## Preview

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