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Infinite horizon allocation with consumption-dependent utility

Dan Peled () and Shiran Rachmilevitch

No WP2012/9, Working Papers from University of Haifa, Department of Economics

Abstract: We consider an economy in which there is an infi nite stream of pies, each of size one, one in every period. For each agent, the per-period utility function, which is de fined on that period's consumption, is determined by the previous period's consumption. We describe speci fications of this model for which no symmetric, efficient, and monotonic way to allocate pies exists.

Keywords: Behavioral preferences; Dynamic models; Habits (search for similar items in EconPapers)
JEL-codes: D01 D03 D30 D31 D63 (search for similar items in EconPapers)
Pages: 16
Date: 2012-10-18, Revised 2012-10-18
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