Intertemporal Choice and Inequality
用美国、英国和台湾的多年家庭调查数据验证了永久收入假说的预测：消费和收入不平等随年龄增长而扩大，并讨论了预防性储蓄、流动性约束等跨期选择模型对不平等扩散的限制作用。
The permanent income hypothesis implies that, for any cohort of people, inequality in consumption and income should grow with age, a prediction that is here confirmed using data from eleven years of household survey data from the United States, twenty-two years from Great Britain, and fourteen years from Taiwan. In the permanent income hypothesis, the increase in inequality reflects the cumulative effect of luck on consumption. Other models of intertemporal choice--such as those with strong precautionary motives or liquidity constraints--can limit or even prevent the spread of inequality, as can insurance arrangements that share risk across individuals. Copyright 1994 by University of Chicago Press.