Optimal Consumption and Portfolio Rules: With Durability and Local Substitution (Classic Reprint) - Hardcover
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Excerpt from Optimal Consumption and Portfolio Rules: With Durability and Local Substitution
Two interesting economic notions are captured in two different interpretations of the model specified in (1) and In one interpretation, preferences given by (1) embody the idea of local substitution, that is consumptions at nearby dates are almost perfect substitutes. In a second interpretation, the model represents preferences over the service flows from irreversible purchases of a durable good that decays over time.
Local substitution in continuous time, studied by Hindy, Huang and Kreps (1991) and Hindy and Huang is the notion that consumption at a point in time depresses marginal utility of consumption at nearby times. Suppression of appetite following a large meal is a natural phenomenon that leads to periodic consumption. In addition, local substitution implies that delaying or advancing consumption for a short period of time has little effect on satisfaction. In other words, agents regard consuming at adjacent dates as very similar alternatives.
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Optimal Consumption and Portfolio Rules With Durability and Local Substitution Classic Reprint
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Optimal Consumption and Portfolio Rules With Durability and Local Substitution Classic Reprint
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