Porter, Robert H. (contributor); Sattler, Peter (contributor) - 1999 - [Elektronische Ressource]
. Porter received financial support from the National Science Foundation.
ABSTRACT
The consumption value of a durable good … substitutes is the “One Hoss Shay” assumption. At the other extreme, if the
good is a consumption good the used durable is …-linear utility, which depends on the discounted service flows from
durable consumption and on end of life wealth.
Optimal consumer …