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Intertemporal Dependence, Impatience, and Dynamics
This paper develops simple geometric methods for analyzing dynamic behavior in models with intertemporally dependent consumer tastes. Since the preferences studied do not assume time-additivity, they allow the marginal utility of consumption on a given date to vary with consumption on other dates. Intertemporal dependence is induced by the presence of a variable individual rate of time preference. The optimal consumption responses to transitory and anticipated changes in incomes and interestdoi:10.3386/w3028 fatcat:trklabnrerghfpmodl7m2slb6a