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Intertemporal Choice Reexamined / Ein neuer Ansatz zur intertemporalen Entscheidungsfindung

Author

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  • Hellwig Klaus

    (Abteilung Betriebswirtschaft, Universität Ulm, D-89069 Ulm)

Abstract

Contrary to the traditional discounted utility approach of intertemporal choice, it is proposed to determine a consumption sequence that is efficient and implies the present economic value of consumption to remain constant from period to period. As a result, discount factors are determined endogenously and depend upon the underlying set of feasible consumption sequences. It is shown that a value preserving consumption sequence exists. The analysis is extended by including risk and value growth. Furthermore two applications are presented. Finally it is shown, that value preservation generally is incompatible with utility maximization.

Suggested Citation

  • Hellwig Klaus, 1997. "Intertemporal Choice Reexamined / Ein neuer Ansatz zur intertemporalen Entscheidungsfindung," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 216(2), pages 153-163, April.
    • Handle: RePEc:jns:jbstat:v:216:y:1997:i:2:p:153-163
    DOI: 10.1515/jbnst-1997-0203
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