International and national investors are often exposed to real wealth risks, stemming from volatile asset prices and …, price level and futures price and hence real wealth is stochastic. For a risk averse investor, optimal consumption and …

A fall in house prices due to a change in its fundamental value redistributes wealth from those long housing (for whom … used in the paper, there is no pure wealth effect on consumption from a change in house prices if this represents a change … in their fundamental value. There is a pure wealth effect on consumption from a change in house prices if this reflects a …

There is no doubt that when income or wealth increases, impatience for present goods declines. When time preference for … rates are inversely related to wealth or income, it is not a matter of praxeology …