FINANCIAL ECONOMICS

Individuals regularly make decisions to determine their consumption in future time periods, and most have income that varies over their lives. They initially consume from parental income before commencing work, whereupon their income normally increases until it peaks toward the end of their workinglife and then declines at retirement. An example of the income profile (It) for a consumer who lives until time T is shown by the solid line in Figure 1.1. When resources can be transferred between time periods the consumer can choose to smooth consumption expenditure (Xt) to make it look like the dashed line in the diagram 


Páginas : 333 | Peso : 2 mb. | Formato : PDF. | Edición : Primera | Año de Publicación : 2008 | ISBN : 0-203-93202-1 | Editorial : Routledge
Autor : Chris Jones

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