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On Intertemporal Preferences in Continuous Time (Classic Reprint): The Case of Certainty - Couverture souple

Chi-Fu Huang

 
9781332272976: On Intertemporal Preferences in Continuous Time (Classic Reprint): The Case of Certainty

Synopsis

This book explores new topologies for continuous-time consumption models with certainty. Traditional models of this type are not able to represent preferences in a way that is realistic in the context of real-time consumption behavior. This book's topologies rectify this by allowing for preferences like consumption at near-by times to be imperfect substitutes. Consumption can be modeled as both gulps and continuous ingestion, providing a solution to the problem of the 'missing fundamental' in this type of modeling. For economists, this book is an important development in the foundations of economic theory and will provide much needed content for future work on extending this theory to include uncertainty and temporal resolution.

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