Is intertemporal choice theory testable?

被引：5

作者：

Kubler, F ^{[1
]}

机构：

[1] Stanford Univ, Dept Econ, Stanford, CA 94305 USA

来源：

JOURNAL OF MATHEMATICAL ECONOMICS | 2004年 / 40卷 / 1-2期

关键词：

intertemporal choice; non-parametric restrictions;

D O I：

10.1016/S0304-4068(03)00091-0

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Kreps-Porteus preferences constitute a widely used alternative to time separability. We show in this paper that with these preferences utility maximization does not impose any observable restrictions on a household's savings decisions or on choices in good markets over time. The additional assumption of a weakly separable aggregator is needed to ensure that the assumption of utility maximization restricts intertemporal choices. Under this assumption, choices in spot markets are characterized by a strong axiom of revealed preferences (SSARP). Under uncertainty Kreps-Porteus preferences impose observable restrictions on portfolio choice if one observes the last period of an individual's planning horizon. Otherwise there are no restrictions. (C) 2003 Elsevier B.V. All rights reserved.

引用

页码：177 / 189

页数：13

共 10 条

[1]

Afriat S.N., 1967, Int. Econ. Rev., V8, P67, DOI [DOI 10.2307/2525382, /10.2307/2525382]

[2] Testable restrictions on the equilibrium manifold [J].