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Economic study of how people consume and save throughout their lives
Economic theories of intertemporal consumption seek to explain people's preferences in relation to consumption and saving over the course of their lives
Intertemporal_consumption
Using money to obtain an item for use
consumption theory, which views the Fisherian intertemporal choice framework as the real structure of the consumption function. Unlike the passive strategy of
Consumption_(economics)
Study of how people choose between payoffs at different times
In economics, intertemporal choice is the study of the relative value people assign to two or more payoffs at different points in time. This relationship
Intertemporal_choice
Measure of responsiveness of growth rate of consumption
intertemporal substitution (or intertemporal elasticity of substitution, EIS, IES) is a measure of responsiveness of the growth rate of consumption to
Elasticity of intertemporal substitution
Elasticity_of_intertemporal_substitution
In mathematical finance, the intertemporal capital asset pricing model, or ICAPM, created by Robert C. Merton, is an alternative to the capital asset
Intertemporal_CAPM
Faced by a decision-maker considering present, future
In these situations, the intertemporal budget constraint is effectively an equality constraint. In an intertemporal consumption model, the sum of utilities
Intertemporal budget constraint
Intertemporal_budget_constraint
Economics concept
link between attitudes to risk and attitudes to variations in intertemporal consumption which is crucial in deriving the equity premium puzzle. Solutions
Equity_premium_puzzle
Theory of behavioral economics
Economics, the status quo bias, various gambling and betting puzzles, intertemporal consumption, and the endowment effect. It has also been argued that prospect
Prospect_theory
Combinations of goods and services affordable given income and prices
Similar constraints appear in models of labour–leisure choice, intertemporal consumption, firm behaviour and international trade. In microeconomic consumer
Budget_constraint
Rate of savings which maximizes steady state level of the growth of consumption
in the sense that they do not promote deadweight loss through intertemporal consumption substitution. Allais, M. (1962). "The Influence of the Capital-Output
Golden_Rule_savings_rate
Intertemporal equilibrium is a notion of economic equilibrium conceived over many periods of time. In modern economic theory, most models explicitly take
Intertemporal_equilibrium
Utility of a future event as perceived now versus when it occurs
utility function is necessarily cardinal in nature. In a typical intertemporal consumption model, the above summation of utilities discounted from various
Discounted_utility
Mathematical formula in macroeconomics
optimality of intertemporal consumption choice. Usually it is expressed as a differential equation relating the rate of change of consumption with interest
Keynes–Ramsey_rule
Process of allocating investable wealth in assets over time
Intertemporal portfolio choice is the process of allocating one's investable wealth to various assets, especially financial assets, repeatedly over time
Intertemporal portfolio choice
Intertemporal_portfolio_choice
Characteristic in consumer theory
intertemporal substitution, and its inverse, the coefficient of (risk) aversion, are constant. However, it is well known that in reality, consumption
Homothetic_preferences
Money held by a central bank to pay debts, if needed
this process. One attempt uses a standard model of open economy intertemporal consumption to show that it is possible to replicate a tariff on imports or
Foreign_exchange_reserves
Return on investment metrics
JSTOR 1913837. Breeden, Douglas T. (1979-09-01). "An intertemporal asset pricing model with stochastic consumption and investment opportunities". Journal of Financial
Consumption-based capital asset pricing model
Consumption-based_capital_asset_pricing_model
Necessary condition for optimality associated with dynamic programming
Bellman equation is Robert C. Merton's seminal 1973 article on the intertemporal capital asset pricing model. (See also Merton's portfolio problem).
Bellman_equation
Behavioral model of risky decision-making
puzzle, the status quo bias, various gambling and betting puzzles, intertemporal consumption and the endowment effect. Parameters for cumulative prospect theory
Cumulative_prospect_theory
Limiting or increasing the cost of borrowing capital
optimising their behaviour over time, as studied by theories of intertemporal consumption. The liquidity constraint affects the ability of households to
Liquidity_constraint
American economist
of the sensitivity of the labour supply to intertemporal wage variation, Altonji uses either consumption data or a first-difference approach to control
Joseph_Altonji
variables such as the intertemporal elasticity of substitution. New Keynesian economics § The science of monetary policy Consumption smoothing Stochastic
Random walk model of consumption
Random_walk_model_of_consumption
Online broadcast involving eating
obsessed with viewing mukbang ASMR? The roles of mediated voyeurism and intertemporal choice". PLOS ONE. 19 (9) e0308549. doi:10.1371/journal.pone.0308549
Mukbang
American economist
where he has taught since 1994. His research focuses on macroeconomics, intertemporal choice, behavioral economics, and neuroeconomics. In 2016, he became
David_Laibson
Specification in economics of recursive utility
parameter ρ < 1 {\displaystyle \rho <1} determines the elasticity of intertemporal substitution, 1 / ( 1 − ρ ) {\displaystyle 1/(1-\rho )} . Epstein and
Epstein–Zin_preferences
involuntarily decreasing present consumption, whilst saving money is voluntarily lowering present consumption for an increase of consumption in the future. Example
Forced_saving
Neoclassical economic model
microfoundations of consumption behavior: rather than assuming a constant saving rate, the model derives it from the intertemporal optimization of a representative
Ramsey–Cass–Koopmans_model
Finance model linking expected return to systematic risk
Chance-constrained portfolio selection Consumption beta (CCAPM) Fama–French three-factor model Intertemporal CAPM (ICAPM) Low-volatility anomaly Modern
Capital_asset_pricing_model
(PIH). The relevance of the life-cycle framework, therefore, builds on intertemporal allocation of resources between the present and an uncertain future
Precautionary_savings
his consumption patterns change little. The size of the wealth effect is based on perceptions of the permanence of the change in wealth. Intertemporal consumption:
Wealth_elasticity_of_demand
Economic concept
would be a question of maximizing utility, an intertemporal decision between current and future consumption (see Keynes–Ramsey rule). Other sociological
Growth_imperative
Discount function in which future returns are weighted exponentially
more empirical support. Temporal discounting Hyperbolic discounting Intertemporal choice Keynes–Ramsey rule Blume, Lawrence E.; (Firm), Palgrave Macmillan;
Exponential_discounting
American economist (born 1943)
Cox, John C.; Ingersoll, Jonathan E.; Ross, Stephen A. (1985). "An Intertemporal General Equilibrium Model of Asset Prices". Econometrica. 53 (2): 363–384
John_Carrington_Cox
Framework in macroeconomics
fertility. Books devoted to the use of the OLG model include Azariadis' Intertemporal Macroeconomics and de la Croix and Michel's Theory of Economic Growth
Overlapping_generations_model
Benefit derived from consuming a product
a significant concept in cardinal utility, which is used to analyse intertemporal choice, choice under uncertainty, and social welfare in modern economic
Marginal_utility
Taiwanese businessman, hedge fund manager, and economist
on dynamic general equilibrium theory, intertemporal utility theory, and the theory of individual consumption and portfolio decisions. He is also a managing
Chi-fu_Huang
Problem in continuous-time finance
portfolio problem is a problem in continuous-time finance and in particular intertemporal portfolio choice. An investor must choose how much to consume and must
Merton's_portfolio_problem
Fisher's theory of intertemporal consumer choice. According to life cycle hypothesis, presented by Franco Modigliani, the income and consumption are dependent
Average_propensity_to_consume
Interdisciplinary field
in economics is intertemporal choices which are decisions that involve costs and benefits that are distributed over time. Intertemporal choice research
Neuroeconomics
Economic model which weighs rewards based on when they are received
discounting are the two most commonly used examples. Discounted utility Intertemporal choice Temporal discounting Shane Frederick & George Loewenstein & Ted
Discount_function
Generation and evaluation of mental representations of possible futures
performance but also in the acquirement of numerous everyday feats. Intertemporal choices are choices with outcomes that play out over time. Such decisions
Prospection
Responsiveness of hours worked to the wage rate
and for understanding business cycle fluctuations. It also controls intertemporal substitution responses to fluctuations of wage. Moreover, it determines
Frisch elasticity of labor supply
Frisch_elasticity_of_labor_supply
Research that examines the processes of thinking of oneself in the future
Oleg (2011-06-01). "On Intertemporal Selfishness: How the Perceived Instability of Identity Underlies Impatient Consumption". Journal of Consumer Research
Future_self
Difference in valuation of a payoff when receiving it earlier versus later
immediate utility over delayed utility. This term is used in intertemporal economics, intertemporal choice, neurobiology of reward and decision making, microeconomics
Time_preference
French economist
Accumulation and the Efficient Allocation of Resources" (1953), provided an intertemporal theory of capital for general equilibrium theory and introduced the
Edmond_Malinvaud
School of thought in macroeconomics
macroeconomics contributed the rational expectations hypothesis and the idea of intertemporal optimisation to new Keynesian economics and the new neoclassical synthesis
New_classical_macroeconomics
Subarea of optimal tax theory
lump-sum as opposed to the tax on future capital income distorting intertemporal decisions. This argumentation can be found in the composition of taxation
Optimal capital income taxation
Optimal_capital_income_taxation
How equities and debt instruments are valued
rates for risk neutral pricing) Capital asset pricing model Consumption-based CAPM Intertemporal CAPM Single-index model Multiple factor models Fama–French
Asset_pricing
American economist
October 1998. "Intertemporal Choice and Inequality" (with Angus Deaton), Journal of Political Economy 102(3): 437–467, 1994. "Consumption and Income Seasonality
Christina_Paxson
Income saved for later use
income not spent, or deferred consumption. In economics, a broader definition is any income not used for immediate consumption. Saving also involves reducing
Saving
American financial economist
intertemporal asset pricing model of Robert C. Merton can be expressed in terms of a single factor: an asset's covariance with aggregate consumption.
Douglas_Breeden
When a decision-maker's future preferences can contradict earlier preferences
Time preference Loewenstein, G.; Prelec, D. (1992). "Anomalies in Intertemporal Choice: Evidence and an Interpretation". The Quarterly Journal of Economics
Dynamic_inconsistency
Swedish economist
theory. Lindahl's formulation of the concept of sequence economies and intertemporal equilibrium (1929, 1930) is by far the first rigorous attempt to do
Erik_Lindahl
Macroeconomic method
of interest consistent with intertemporal equilibrium also implies a constant price level. Hayek posited that intertemporal equilibrium requires not a
Dynamic stochastic general equilibrium
Dynamic_stochastic_general_equilibrium
Study of an economy as a whole
gross domestic product (GDP), national income, unemployment, inflation, consumption, saving, investment, or trade. Macroeconomics is primarily focused on
Macroeconomics
Type of study based on universal sampling
from the entire population of individuals or families. In contrast, an intertemporal analysis of money demand would use data on an entire country's holdings
Cross-sectional_study
International trade – International Year of Microcredit – Intertemporal choice – Intertemporal equilibrium – Investment – Investment (macroeconomics) –
Index_of_economics_articles
American economist (born 1963)
later but ultimately completes none. The framework has implications for intertemporal choice in areas including saving and addiction. In 2000, Rabin introduced
Matthew_Rabin
Economic model of endogenous growth
=const} . The consumer's utility function in the model is chosen so that intertemporal preferences are linear: u ( y ) = ∫ 0 ∞ y τ e − r τ d τ {\displaystyle
Aghion–Howitt_model
Argentine economist (1939–1968)
of a representative household that intertemporally maximises utility, which in turn depends on both the consumption of goods and the holding of real balances
Miguel_Sidrauski
School of macroeconomics
proposed a list of four elements that are central to the new synthesis: intertemporal optimization, rational expectations, imperfect competition, and costly
New_Keynesian_economics
2006 report on the economics of climate change
disasters such as floods and hurricanes. Arrow, K.J.; et al. (1995). "Intertemporal Equity, Discounting, and Economic Efficiency. In: Climate Change 1995:
Stern_Review
Approach to economics
Neoclassical economics is an approach to economics in which the production, consumption, and valuation (pricing) of goods and services are observed as driven
Neoclassical_economics
International movement of people, resources and means of production
rate, that would mean it has a comparative advantage in future consumption—an intertemporal comparative advantage. Countries that borrow from the international
International factor movements
International_factor_movements
Israeli economist, academic and author (1941–2026)
Frenkel, Fiscal Policies in the World Economy. The book provided an intertemporal-based analysis of fiscal policies and their effects on economic growth
Assaf_Razin
American economist
general equilibrium effects on the labor market, instead of the standard intertemporal substitution channel. This is due to a sizable share of households exhibiting
Greg_Kaplan
Academic discipline concerned with the exchange of money
as relevant in pricing. The intertemporal CAPM and consumption-based CAPM similarly extend the model. With intertemporal portfolio choice, the investor
Financial_economics
2006 Edmund S. Phelps Evanston, Illinois, U.S. "for his analysis of intertemporal tradeoffs in macroeconomic policy" 2007 Leonid Hurwicz Moscow, Russian
List of American Nobel laureates
List_of_American_Nobel_laureates
Economic principle
of production, cross-price elasticity of demand, and elasticity of intertemporal substitution.[citation needed] In differential calculus, elasticity
Elasticity_(economics)
American economist
241–266. Cochrane, John H. "The Sensitivity of Tests of the Intertemporal Allocation of Consumption to Near-Rational Alternatives" American Economic Review
John_H._Cochrane
Problem of allocation of money by consumers in order to most benefit themselves
act of consuming takes time), a constraint of both time and money, an intertemporal budget constraint and many more. The economic problem originates from
Utility_maximization_problem
income, prices, among others. In a competitive market, each agent makes intertemporal choices in a stochastic environment. Their attitudes toward risk, the
Incomplete_markets
Concepts in economics
'long-period equilibrium' was often used[by whom?] to refer to post-Walrasian intertemporal equilibria with futures markets, sequences of temporary equilibria,
Long_run_and_short_run
Severe and prolonged economic problems
mankind will ultimately face extinction. In effect, any conceivable intertemporal allocation of the finite stock will inevitably end up with universal
Economic_collapse
Decision-making concept
PMID 15702961. Weber, E.U.; et al. (2007). "Asymmetric discounting in intertemporal choice: a query theory account". Psychological Science. 18 (6): 516–523
Choice_architecture
Belgian economist (1929–2022)
marginalist school (Allais, Boiteux, Massé, ...), with additional sections on intertemporal allocation (Allais, Malinvaud, ...) and French planning. 21. "Market
Jacques_Drèze
Business strategy that focuses on sustainability as a core aspect of the business
norms permeate CSR, sustainability only obliges businesses to make intertemporal trade-offs to safeguard intergenerational equity. Short-termism is the
Corporate_sustainability
Theory of equilibrium between supply and demand
the date at which it is to be delivered. The Arrow–Debreu model of intertemporal equilibrium contains forward markets for all goods at all dates. No
General_equilibrium_theory
Concept in economics
securities as alluded to by Arrow and Debreu (1944). The law does not apply intertemporally, so prices for the same item can be different at different times in
Law_of_one_price
parity intermediate consumption international economics international futures international trade intertemporal choice intertemporal equilibrium intra-industry
Glossary_of_economics
Production, distribution and consumption of goods and services; distinct from finance
financial markets as a means of equilibrating savings and investments, intertemporally allocated towards their best usage anchored by fundamentals within
Real_economy
Problem optimization method
in capital stock that is used in production), known as intertemporal choice. Future consumption is discounted at a constant rate β ∈ ( 0 , 1 ) {\displaystyle
Dynamic_programming
Egonomics 2006 Edmund Phelps (1933–2026) United States "for his analysis of intertemporal tradeoffs in macroeconomic policy" Yale University (PhD, economics)
List of Nobel Memorial Prize laureates in Economic Sciences
List_of_Nobel_Memorial_Prize_laureates_in_Economic_Sciences
Overview of finance and finance-related topics
linking expected return to systematic risk Consumption-based CAPM – Return on investment metrics Intertemporal CAPM Single-index model – Economic model
Outline_of_finance
Italian-American economist
(2003). "Anticipated and Unanticipated Wage Changes, Wage Risk, and Intertemporal Labor Supply". Journal of Labor Economics. 21 (3): 729–754. doi:10.1086/374965
Luigi_Pistaferri
Species of ray-finned fish
made up of the nasals, the antorbital, the lacrimal, the parietal, the intertemporal, the post parietal, the supratemporal, the extra scapular, the post
Bowfin
Family of macroeconomic models
because of behavioural assumptions such as rational expectations and intertemporal optimisation. Although they treat stock and flow variables consistently
Stock-flow_consistent_model
Italian development and labor economist
Alessandra (2015-08-01). "Yours, Mine, and Ours: Do Divorce Laws Affect the Intertemporal Behavior of Married Couples?". American Economic Review. 105 (8): 2295–2332
Alessandra_Voena
International Monetary Fund (May 2021): The Cost of Future Policy: Intertemporal Public Sector Balance Sheets in the G7 Resolution Foundation(29 October
Public_sector_net_worth
Tendency to act on a whim without considering consequences
individual to make a more informed and improved decision.[citation needed] Intertemporal choice is defined as "decisions with consequences that play out over
Impulsivity
Economic metric
of substitution of consumption in periods t {\displaystyle t} and t + 1 {\displaystyle t+1} is known as elasticity of intertemporal substitution. Similarly
Elasticity_of_substitution
Theory of economic choice
its first publication, subsequent work has extended query theory to intertemporal choice, preference construction in groups, and its relationships to
Query_theory
American economist (1867–1947)
general equilibrium. He was also a pioneer in the rigorous study of intertemporal choice in markets, which led him to develop a theory of capital and
Irving_Fisher
American legal philosopher (1926–2004)
one has deceased. Similarly, Feinberg argues that interests may be intertemporal in the reverse direction. That is, he maintains that beings who have
Joel_Feinberg
Mathematical concept
in time and/or evaluating the objectives at various points in time, intertemporal optimization techniques are employed. Product and process design can
Multi-objective_optimization
Economic theory
with no effect on real variables, like employment, real GDP, and real consumption. Neutrality of money is an important idea in classical economics and
Neutrality_of_money
Predicting someone's future emotions (affect)
"Discounting Time and Time Discounting: Subjective Time Perception and Intertemporal Preferences". Journal of Marketing Research. 46 (4): 543–556. doi:10
Affective_forecasting
Denote consumption with C, leisure with L and the absolute value of the inverse of the intertemporal elasticity of substitution in consumption with σ
King–Plosser–Rebelo preferences
King–Plosser–Rebelo_preferences
mankind will ultimately face extinction. In effect, any conceivable intertemporal allocation of the stock will inevitably end up with universal economic
Global_catastrophe_scenarios
Investment strategy
doi:10.1086/505240. Gerard, Bruno, and Guojun Wu. “How Important Is Intertemporal Risk for Asset Allocation?” The Journal of Business 79, no. 4 (2006):
Asset_allocation
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