Heterogeneous impatience in a continuous-time model
نویسندگان
چکیده
منابع مشابه
Heterogeneous Impatience in a Continuous-Time Model
In a continuous-time economy with complete markets, we show how the heterogeneity in the individual consumers’ risk attitudes and impatience would affect the representative consumer’s counterparts. Specifically, our formulas tell us how his risk tolerance and impatience will change over time, and how his impatience will be affected by the changes in aggregate consumption levels. Under the assum...
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In a continuous-time economy with complete markets, we study how the heterogeneity in the individual consumers’ risk tolerance and impatience affects the representative consumer’s risk tolerance and impatience. We derive some formulas, which indicate that the representative consumer’s impatience decrease over time, and whether his risk tolerance increases or decreases over time depends on the s...
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ژورنال
عنوان ژورنال: Mathematics and Financial Economics
سال: 2009
ISSN: 1862-9679,1862-9660
DOI: 10.1007/s11579-009-0017-y