The Interaction Between Time-Nonseparable Preferences and Time Aggregation
构建并实证分析了一个连续时间线性二次型代表性消费者模型，研究时间聚合与消费偏好时间不可分性如何相互影响，发现考虑耐用品和习惯形成时数据与模型一致。
This paper specifies and empirically analyzes a continuous-time, linear-quadratic, representative consumer model wit h time-nonseparable preferences of several forms. Within this framewor k, the author shows how time aggregation and time nonseparabilities in preferences over consumption streams can interact. The behavior of b oth seasonally adjusted and unadjusted consumption data is consistent wi th time-nonseparable preferences if consumption goods are durable and i f individuals develop habit over the flow of services from the good. T he data do not support a version of the model that ignores time nonseparabilities in preferences and focuses solely upon time aggregation. Copyright 1993 by The Econometric Society.