Consumption: Beyond Certainty Equivalence
讨论放松确定性等价假设的消费函数研究，指出不确定性会降低消费水平、提高预期消费增长率并增强消费对收入消息的反应，且不确定性变化是消费波动的重要来源。
This paper discusses the recent research on the consumption function that has attempted to relax the assumption of certainty equivalence. While there remain many open questions, both theoretical and empirical, it is clear that the assumption of certainty equivalence can be misleading. Under more plausible specifcacions of preferences toward risk, uncertainty levers the level of consumption, increases the expected rate of growth of consumption, and increases the response of consumption to news about Income. Moraover changes in the amount of uncertainty are a potentially leportant source of fluctuations in consumption.