Albelo, Carmen Alvarez; Serrano, Lluis Diaz - Facultat d'Economia i Empresa, Universitat de Barcelona - 1998
This paper presents a life cycle model that contains the Beckers (1975) and Heckmans (1976) models as special cases. Contrary to the previous literature, the model can explain the life cycle hypothesis and the maximum in the consumption profile without appealing to the rupture of typical...