of intertemporal substitution in consumption, though less traditionally, condition the set of parameter values associated …

mortality. Agents, confronted with a liquidity constraint, decide on their consumption level as well as their portfolio …"s level of habit, yet making sure that he does not endogenize the impact of his current consumption choice on tomorrow"s level …

consumption theory that the very rich save more than what one can explain by the standard permanent-income/life-cycle model. The … utility not just from consumption, but also from the ownership of capital directly. Carroll has shown that this modification …

In this paper we extend the representative agent model of the consumer to incorporate durable consumption goods that … generate status, where status depends on relative consumption. The study is done in the neoclassical context and incorporates … effort that an increase in the degree of status preference raises durable consumption, its stock, employment, and physical …

In this paper we combine the assumption that the consumption function is concave with an AK production function. We …

; iii) in both periods we observe a medium run tendency to polarization, but the long run distribution features convergence …

consuming aims. Therefore, hi-tech consumption may emerge as a complementary source (with respect to investment) of growth in …