Substitution Effects in Intertemporal Problems
研究了一类广泛的跨期经济问题，分析了永久性价格上涨对商品需求的短期和长期反应，发现动态替代效应可使短期和长期价格弹性符号相反。
We consider a broad class of intertemporal economic problems and characterize the short-run and long-run responses of the demand for a good to a permanent increase in its market price. Depending on the interplay between self-productivity and time discounting, we show that dynamic substitution effects can generate price elasticities of opposite signs in the short run and in the long run.