Asset Prices under Habit Formation and Catching up with the Joneses
收藏NBER1990-03-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w3279
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资源简介：
This paper introduces a utility function that nests three classes of utility functions: (1) time-separable utility functions; (2) "catching up with the Joneses" utility functions that depend on the consumer's level of consumption relative to the lagged cross-sectional average level of consumption;
提供机构：
美国国家经济研究局
创建时间：
1990-03-01
