Lifetime Utility Maximization When the Consumer's Lifetime Depends on his Consumption

W. R. Hughes

The Economic Record, 1978, vol. 54, issue 1, 65-71

Abstract: A model of consumer behaviour is postulated whereby expected lifetime is an argument of the consumer's utility function and the consumption pattern chosen by the consumer affects his subjective probability distribution over expected, lifetime. Although introducing uncertainty makes the derivation of general conclusions difficult, it is shown for a simple two‐good case that there are significant implications for income and substitution effects and the shape of the consumer's demand curve.

Date: 1978
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