Habit Formation and Intertemporal Substitution in Individual Food Consumption
利用个人食物消费数据分析消费是否跨期关联、习惯与异质性的作用，以及跨期替代弹性估计，结果否定了时间可分的消费行为假设。
Individual food consumption data are used to examine three issues. First, is food consumption linked intertemporally at the individual level? Second, does the association between current and past consumption reflect habit or heterogeneity? Third, what do the estimates imply about the intertemporal elasticity of substitution? The authors find that habit matters, that controlling for heterogeneity reduces estimated habit effects, and that the product of the estimated intertemporal elasticity of substitution and the risk aversion parameter is less than one. These results all lead to rejection of time separable specifications of intertemporal consumption behavior. Copyright 1996 by MIT Press.