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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
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
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 economics and finance, an intertemporal budget constraint is a constraint faced by a decision maker who is making choices for both the present and
Intertemporal budget constraint
Intertemporal_budget_constraint
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Interdisciplinary field
in economics is intertemporal choices which are decisions that involve costs and benefits that are distributed over time. Intertemporal choice research
Neuroeconomics
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
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
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
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
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
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
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
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
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
involuntarily decreasing present consumption, whilst saving money is voluntarily lowering present consumption for an increase of consumption in the future. Example
Forced_saving
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
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
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
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
(PIH). The relevance of the life-cycle framework, therefore, builds on intertemporal allocation of resources between the present and an uncertain future
Precautionary_savings
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 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
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
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
American economist
JSTOR 2352653. Breeden, Douglas T. (1979). "An intertemporal asset pricing model with stochastic consumption and investment opportunities". Journal of Financial
Douglas_Breeden
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
International trade – International Year of Microcredit – Intertemporal choice – Intertemporal equilibrium – Investment – Investment (macroeconomics) –
Index_of_economics_articles
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
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
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
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
Diagram in Austrian economics
treated the Hayekian triangle as a family of related representations of intertemporal production, and also connected it to debates over the average period
Hayekian_triangle
Economic theory
ISBN 978-3-319-17578-2. Cargill, Thomas; Meyer, Robert (1977). "Intertemporal Stability of the Relationship Between Interest Rates and Price Changes"
Neutrality_of_money
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
Economic principle
of production, cross-price elasticity of demand, and elasticity of intertemporal substitution.[citation needed] In differential calculus, elasticity
Elasticity_(economics)
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
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
income, prices, among others. In a competitive market, each agent makes intertemporal choices in a stochastic environment. Their attitudes toward risk, the
Incomplete_markets
Study of an economy as a whole
are not constant as in the Solow model, but derived from an explicit intertemporal utility function. In the 1980s and 1990s, endogenous growth theory arose
Macroeconomics
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
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
the degree of risk aversion is to use the Ramsey model of intertemporal savings and consumption. In that case, the equilibrium real interest rate is given
Welfare cost of business cycles
Welfare_cost_of_business_cycles
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
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
Israeli economist, academic, and author (born 1941)
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
Mathematical framework for investment risk
economics § Uncertainty Financial risk management § Investment management Intertemporal portfolio choice Investment theory Kelly criterion Marginal conditional
Modern_portfolio_theory
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
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
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
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
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
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
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
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
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
parity intermediate consumption international economics international futures international trade intertemporal choice intertemporal equilibrium intra-industry
Glossary_of_economics
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
interdependence and coevolution of human economies and natural ecosystems, both intertemporally and spatially. Econometrics – application of statistical methods to
Outline_of_economics
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
Concept in behavioral economics, political theory and behavioral sciences
A. 2011. "Give more tomorrow: Two field experiments on altruism and intertemporal choice." Journal of Public Economics 95(11-12):1349-57. Ruehle, R. C
Nudge_theory
Economic dispute
theory is most appropriately set forth in terms of microeconomics and intertemporal general equilibrium models. The critics, such as Pierangelo Garegnani
Cambridge_capital_controversy
Negative mental attitude
humankind will ultimately face extinction. In effect, any conceivable intertemporal allocation of the stock will inevitably end up with universal economic
Pessimism
Economics of developing economies
restructuring market incentives or using mathematical methods such as intertemporal optimization for project analysis, or it may involve a mixture of quantitative
Development_economics
Economic theory
capital during the boom. The market process that eventually reveals the intertemporal misallocation and turns boom into bust resembles an analogous process
Austrian business cycle theory
Austrian_business_cycle_theory
Theory of macroeconomic fluctuations
the only missing factor was the intertemporal exchange. In the simplest model, income Y is made up of either Consumption (C) or Saving (S) while expenditure
Monetary-disequilibrium theory
Monetary-disequilibrium_theory
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
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
Interdependence of human economies and natural ecosystems
interdependence and coevolution of human economies and natural ecosystems, both intertemporally and spatially. By treating the economy as a subsystem of Earth's larger
Ecological_economics
INTERTEMPORAL CONSUMPTION
INTERTEMPORAL CONSUMPTION
INTERTEMPORAL CONSUMPTION
INTERTEMPORAL CONSUMPTION
Girl/Female
Assamese, Bengali, Gujarati, Hindu, Indian, Kannada, Malayalam, Marathi, Sindhi, Tamil
Goddess Lakshmi
Girl/Female
Muslim/Islamic
Blessing loan, favour
Girl/Female
Indian
The Indepent One; Understanding
Boy/Male
Muslim
Forbearing
Boy/Male
German, Norse, Swedish
Guarded by Ing; Ing's Beauty
Girl/Female
Arabic, Muslim
Female Companion
Boy/Male
Hindu
Something that looks good and sober, Perfection
Girl/Female
British, English
Harry Potter's Pet; An Owl
Female
Native American
Native American Algonquin name ALSOOMSE means "independent."Â
Female
Egyptian
, bringing victory.
INTERTEMPORAL CONSUMPTION
INTERTEMPORAL CONSUMPTION
INTERTEMPORAL CONSUMPTION
INTERTEMPORAL CONSUMPTION
INTERTEMPORAL CONSUMPTION
v. t.
To give for food, especially to animals; to furnish for consumption; as, to feed out turnips to the cows; to feed water to a steam boiler.
n.
Consumption; phthisis. See Phthisis.
n.
A progressive wasting away of the body; esp., that form of wasting, attendant upon pulmonary phthisis and associated with cough, spitting of blood, hectic fever, etc.; pulmonary phthisis; -- called also pulmonary consumption.
n.
A small mass or aggregation of morbid matter; especially, the deposit which accompanies scrofula or phthisis. This is composed of a hard, grayish, or yellowish, translucent or opaque matter, which gradually softens, and excites suppuration in its vicinity. It is most frequently found in the lungs, causing consumption.
v. i.
To endure or suffer use; to last under employment; to bear the consequences of use, as waste, consumption, or attrition; as, a coat wears well or ill; -- hence, sometimes applied to character, qualifications, etc.; as, a man wears well as an acquaintance.
n.
A state of being consumptive, or a tendency to a consumption.
n.
The act of wearing, or the state of being worn; consumption by use; diminution by friction; as, the wear of a garment.
n.
A constitutional disease characterized by the production of tubercles in the internal organs, and especially in the lungs, where it constitutes the most common variety of pulmonary consumption.
n.
A wasting or consumption of the tissues. The term was formerly applied to many wasting diseases, but is now usually restricted to pulmonary phthisis, or consumption. See Consumption.
n.
Pulmonary consumption.
n.
Orderly arrangement and management of the internal affairs of a state or of any establishment kept up by production and consumption; esp., such management as directly concerns wealth; as, political economy.
n.
Tax, toll, impost, or customs; excise; any sum of money required by government to be paid on the importation, exportation, or consumption of goods.
v. i.
A gradual sinking and wasting away of the physical faculties; any wasting disease, esp. pulmonary consumption; as, to die of a decline.
n.
Consumption of less than is produced; consumption of less than the usual amount.
n.
The act of one who wears; the manner in which a thing wears; use; conduct; consumption.
v.
The act of wasting, or the state of being wasted; a squandering; needless destruction; useless consumption or expenditure; devastation; loss without equivalent gain; gradual loss or decrease, by use, wear, or decay; as, a waste of property, time, labor, words, etc.
a.
Habitual; constitutional; pertaining especially to slow waste of animal tissue, as in consumption; as, a hectic type in disease; a hectic flush.
a.
Greatest in quantity or highest in degree attainable or attained; as, a maximum consumption of fuel; maximum pressure; maximum heat.
n.
A constitutional disease, generally hereditary, especially manifested by chronic enlargement and cheesy degeneration of the lymphatic glands, particularly those of the neck, and marked by a tendency to the development of chronic intractable inflammations of the skin, mucous membrane, bones, joints, and other parts, and by a diminution in the power of resistance to disease or injury and the capacity for recovery. Scrofula is now generally held to be tuberculous in character, and may develop into general or local tuberculosis (consumption).
n.
A wasting of flesh without fever or apparent disease; a kind of consumption; atrophy; phthisis.