Consumption, Leisure an Real Balances Optimal Decisions: A Rational Consumer Approach

Yazmín Viridiana Soriano-Morales, Benjamín Vallejo-Jiménez and Francisco Venegas-Martínez
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Yazmín Viridiana Soriano-Morales: Instituto Politécnico Nacional
Benjamín Vallejo-Jiménez: Instituto Politécnico Nacional

Chapter 21 in Modelado de fenomenos económicos y financieros: una visión contemporánea, 2017, vol. I, pp 489-500 from Escuela Superior de Economía, Instituto Politécnico Nacional

Abstract: This chapter is aimed at obtaining consumption, real balances, and leisure optimal decisions of an infinitely-lived risk-averse rational consumer. We assume that preferences belong to the family of Constant Relative Risk Aversion (CRRA) utility functions. We also find closed-form solutions of the decision making problem for the posed optimization problem. Finally, some comparative static experiments are carried out.

Date: 2017
ISBN: 978-607-96826-6-8
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Persistent link: https://EconPapers.repec.org/RePEc:ipn:capitu:015

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