Closed-Form Solution of General Intertemporal Consumption Maximization Models

John Chipman and Guoqiang Tian

MPRA Paper from University Library of Munich, Germany

Abstract: This paper considers explicit representations for very general (discrete and continuous-time) intertemporal consumption-maximization models which allow the instantaneous preferences of the consumer and the time-preference factors to vary over time and for the non-existence of utility functions, more than one generation of consumers with a given probability of death, many commodities, and, further, a wide class of preferences which do not necessarily satisfy the so-called “regularity conditions” (such as differentiability, strict convexity, boundedness, or continuity) and include most of the well-known preferences in literature.

Keywords: Closed-form; Solution; Intertemporal Consumption; Maximum Models (search for similar items in EconPapers)
JEL-codes: D91 (search for similar items in EconPapers)
Date: 1993
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Published in Mathematical Modeling in Economics (1993): pp. 95-109

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:41223

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