Dynamic Consumer Theory

Name: Dynamic Consumer Theory
Brand: Nova Science Publishers Inc
SKU: 9781633217966
Price: 2089.49 RON
Availability: InStock

A Premier Treatise with Stochastic Dynamic Slutsky Equations

Autor: David Wing-Kay Yeung

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Legare: Copertă tare

Editura: Nova Science Publishers Inc

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This book is the first treatise on consumer theory in a dynamic framework. It expands the convention...

Informații despre carte

Autor

David Wing-Kay Yeung

Limbă

engleză

Legare

Carte - Copertă tare

Publicat

2014

Pagini

121

EAN

9781633217966

ISBN

9781633217966

Enbook ID

08837070

Editura

Nova Science Publishers Inc

Greutate

882

Dimensiuni

186 x 262 x 28

Descriere completă

This book is the first treatise on consumer theory in a dynamic framework. It expands the conventional static consumer theory into a stochastic dynamic framework accommodating various combinations of uncertainties in future income, life-span and future preferences. These extensions incorporate realistic and intrinsic characteristics of the consumer decision into the analysis of consumer theory. Novel innovations to the field of consumer theory presented in the book include wealth-dependent ordinary demand, inter-temporal indirect utility function, wealth compensated demand, wealth expenditure function and inter-temporal Roy''s identity under uncertainty. A prominent highlight of the book is the derivation of a series of stochastic dynamic Slutsky equations. New optimal consumption paradigms presented include: (i) utility maximisation in a dynamic framework, duality and wealth compensated demand, and dynamic Slutsky equations, (ii) dynamic consumption under random horizon and income, (iii) consumption amid uncertainties in income, life span and preferences, and (iv) stochastic future prices and consumption decision. The mathematical foundation of the book provides a fertile ground for the analysis of dynamic consumption under stochastic dynamic environments. The book paves the way for a new phase in optimal consumption analysis and will be of interest to economics and mathematics students, economists, mathematicians and researchers in consumer behaviour.

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Dynamic Consumer Theory

A Premier Treatise with Stochastic Dynamic Slutsky Equations

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