Time Preference and an Extension of the Fisher-Hicksian Equation

Hirofumi Uzawa

Chapter 4 in Value and Capital: Fifty Years Later, 1991, pp 90-110 from Palgrave Macmillan

Abstract: Abstract In the present chapter, I am interested in extending the static theory of demand analysis as expounded in Hicks’s Value and Capital (1939) to the situation where various consumption streams are inter- temporally compared. The analysis will be presented within the framework of the Fisherian theory of time preference, as originally introduced in Fisher (1907). In our analysis, however, the marginal rate of substitution and related concepts are defined with respect to intertemporal preference orderings, without directly involving utility functionals, and a general formula will be derived to extend the Fisher-Hicksian conditions concerning the equality of marginal rates of substitution and transformation.

Keywords: Time Preference; Real Income; Marginal Rate; Feasible Path; Asset Holding (search for similar items in EconPapers)
Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-11029-2_6

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DOI: 10.1007/978-1-349-11029-2_6

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