On Intertemporal Preferences in Continuous Time: The Case of Certainty (Classic Reprint) - Softcover
Synopsis
This book delves into the fascinating realm of intertemporal preferences, exploring how individuals make choices about consumption over time. The author argues that traditional models fail to adequately capture the dynamic nature of these preferences, particularly the tendency for individuals to substitute consumption across nearby dates. To address this shortcoming, the book introduces a novel family of preference topologies that more accurately reflect the interplay between time and preferences. These topologies are mathematically well-behaved and allow for preferences that exhibit a trade-off between delaying or advancing consumption for increasingly shorter periods. The author demonstrates how these preferences lead to surprising insights into optimal consumption behavior. For instance, optimal consumption plans may involve periods of no consumption followed by periods of rapid consumption, a pattern not predicted by traditional models. Overall, this book offers a significant contribution to the study of intertemporal preferences. Its innovative approach and thought-provoking insights challenge conventional wisdom and provide a deeper understanding of how individuals make consumption decisions over time.
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About the Author
David M. Kreps is the Adams Distinguished Professor of Management at Stanford University's Graduate School of Business. His books include "A Course in Microeconomic Theory" (Princeton), "Game Theory and Economic Modelling", "Notes on the Theory of Choice", and "Microeconomics for Managers".
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On Intertemporal Preferences in Continuous Time: The Case of Certainty
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Paperback. Condition: New. Print on Demand. This book delves into the fascinating realm of intertemporal preferences, exploring how individuals make choices about consumption over time. The author argues that traditional models fail to adequately capture the dynamic nature of these preferences, particularly the tendency for individuals to substitute consumption across nearby dates. To address this shortcoming, the book introduces a novel family of preference topologies that more accurately reflect the interplay between time and preferences. These topologies are mathematically well-behaved and allow for preferences that exhibit a trade-off between delaying or advancing consumption for increasingly shorter periods. The author demonstrates how these preferences lead to surprising insights into optimal consumption behavior. For instance, optimal consumption plans may involve periods of no consumption followed by periods of rapid consumption, a pattern not predicted by traditional models. Overall, this book offers a significant contribution to the study of intertemporal preferences. Its innovative approach and thought-provoking insights challenge conventional wisdom and provide a deeper understanding of how individuals make consumption decisions over time. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Seller Inventory # 9781332272983_0
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On Intertemporal Preferences in Continuous Time The Case of Certainty Classic Reprint
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On Intertemporal Preferences in Continuous Time The Case of Certainty Classic Reprint
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