Habits and Time Preference
提出一个同时包含习惯形成和内生的时间偏好率的效用函数，符合欧文·费雪关于过去消费影响不耐的直觉，并在三种模型经济中检验了新设定。
This paper proposes a utility function incorporating both habit formation and an endogenous rate of time preference in a manner consistent with the intuition of Irving Fisher regarding the influence of past consumption on impatience. It is shown that the ne w specification is tractable and generates new predictions in the cont ext of three model economies: (1) a closed economy with heterogeneous agents, (2) a small open economy with one traded good and one nontra ded good, and (3) a small open economy with a traded good and domestic money. Copyright 1993 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.