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...
| Հիմնական հեղինակ: | |
|---|---|
| Ձևաչափ: | Journal article |
| Լեզու: | English |
| Հրապարակվել է: |
Blackwell Publishing
1989
|