Consumption, Liquidity Constraints and Asset Accumulation in the Presence of Random Income Fluctuations
在理论上研究了风险厌恶、随机收入波动和借贷限制下的最优消费行为，旨在建立并分析消费的稳态概率分布性质，对理解家庭消费和储蓄决策有参考价值。
Recent empirical research, Flavin (1981), Hagashi (1982), has rejected the certainty-equivalent formulation of permanent income hypothesis, Hall (1978). These findings are often attributed to households' inability to borrow completely against expected future labor income. This paper is a theoretical investigation of optimal consumption behavior under risk aversion, random income fluctuations, and borrowing restrictions. Our principle objective is to establish the existence and to investigate the properties of the stationary probability distribution which characterizes the asymptotic behavior of consumption under these conditions. (This abstract was borrowed from another version of this item.)