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Time Preference and an Extension of the Fisher-Hicksian Equation

In: Value and Capital: Fifty Years Later

Author

Listed:
  • Hirofumi Uzawa

    (University of Tokyo)

Abstract

In the present chapter, I am interested in extending the static theory of demand analysis as expounded in Hicks’s Value and Capital (1939) to the situation where various consumption streams are inter- temporally compared. The analysis will be presented within the framework of the Fisherian theory of time preference, as originally introduced in Fisher (1907). In our analysis, however, the marginal rate of substitution and related concepts are defined with respect to intertemporal preference orderings, without directly involving utility functionals, and a general formula will be derived to extend the Fisher-Hicksian conditions concerning the equality of marginal rates of substitution and transformation.

Suggested Citation

  • Hirofumi Uzawa, 1991. "Time Preference and an Extension of the Fisher-Hicksian Equation," International Economic Association Series, in: Lionel W. McKenzie & Stefano Zamagni (ed.), Value and Capital: Fifty Years Later, chapter 4, pages 90-110, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-11029-2_6
    DOI: 10.1007/978-1-349-11029-2_6
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    Cited by:

    1. Francis, J. & Kompas, T., 1998. "Uzawa's Transformation and Optimal Control Problems With Variable Rates of Time Preference," Papers 354, Australian National University - Department of Economics.
    2. Tom Kompas & Omar Abdel-Razeq, 2001. "A Simple Monetary Growth Model with Variable Rates of Time Preference," International and Development Economics Working Papers idec01-10, International and Development Economics.

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