The Rational Consumer: Theory and Evidence, vol 1

Robert Hall ()

in MIT Press Books from The MIT Press

Abstract: Since the late 1960s, Robert Hall's research has had a significant impact on the macroeconomic study of consumer behavior. The Rational Consumer brings together eight articles that represent key points in the development of Hall's ideas on consumption over the past two decades. In his introduction, Hall puts this work into perspective, tying together his ideas and pointing to how consumer behavior should work in the future given what he has discovered. Working within the standard intertemporal models of consumption - the overlapping generations model and the infinite lifetime model - Hall's contributions to methodology have been especially important. Particularly noteworthy was his challenge to the prevalent model in which current consumption was seen as deriving from expected future income. Hall argued that consumption was, instead, based upon the actual present discounted value of future income.

Keywords: consumer behavior; overlapping generation model; infinite lifetime model (search for similar items in EconPapers)
JEL-codes: D11 (search for similar items in EconPapers)
Date: 1991
Edition: 1
ISBN: 0-262-08197-0
References: Add references at CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:mtp:titles:0262081970

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