The American Economic Review, Volume 70,Edições 3-5American Economic Association., 1980 Includes annual List of doctoral dissertations in political economy in progress in American universities and colleges; and the Hand book of the American Economic Association. |
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Página 372
... utility of income is rising over a range . The discussions of rising marginal utility and of Friedman - Savage gambles have proceeded independently of the literature on time preference , although the issues are in fact related logically ...
... utility of income is rising over a range . The discussions of rising marginal utility and of Friedman - Savage gambles have proceeded independently of the literature on time preference , although the issues are in fact related logically ...
Página 373
... utility , he uses up his lifetime income in lifetime consumption , so that the term in brackets is always zero when ... utility of income " is increasing ( decreasing ) if and only if the marginal utility of consumption is increasing ...
... utility , he uses up his lifetime income in lifetime consumption , so that the term in brackets is always zero when ... utility of income " is increasing ( decreasing ) if and only if the marginal utility of consumption is increasing ...
Página 377
... utility of income , cannot exist , unless there are serious imperfections in the capital market . As we demonstrated in Section II , an individual confronting a rising segment in his utility function will react to any change in income ...
... utility of income , cannot exist , unless there are serious imperfections in the capital market . As we demonstrated in Section II , an individual confronting a rising segment in his utility function will react to any change in income ...
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adjustment analysis assets assumed assumption average behavior capital coefficient consider constant consumer consumption cost countries curve defined demand depends derived determined developed discussion distribution earnings Econ Economic effect efficient equal equation equilibrium estimates example exchange exist expected Figure firm follows foreign function given growth hold implies important income increase individual industry inflation initial interest International investment labor less marginal maximize mean measure ment monetary Note observed obtained optimal output percent period positive possible preferences present problem production profits quantity ratio reduced regulation relative respect risk saving share social substitution supply Table Theory tion trade unemployment United University utility utility function variables wage welfare workers yields zero