Spectral Welfare Cost Functions
扩展频谱效用函数理论，量化消费波动的时间特征（如持续性）对经济主体福利的影响，适用于研究非时间可分偏好下的福利成本。
If preferences are not time‐separable, economic agents care not only about the magnitude of fluctuations in consumption but also about the persistence and other temporal characteristics of those fluctuations. This paper extends and develops the theory of spectral utility functions, which measure utility frequency by frequency, to illustrate the interaction between consumption volatility and time‐non‐separable preferences. To highlight the economic implications of the interaction, spectral welfare cost functions are developed to provide a quantitative measure of the importance to economic agents of the temporal delivery of consumption volatility.