A Nonparametric Test of the Life-Cycle Rational Expectations Hypothesis.
In a world of perfect certainty and perfect capital markets agents allocate expenditure in such a way that the marginal utility of discounted expenditure is the same in each period. In this paper we present a test of whether any particular series of discounted prices and quantities can be exactly re...
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| Médium: | Journal article |
| Jazyk: | English |
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Blackwell Publishing
1989
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