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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Tác giả chính: Browning, M
Định dạng: Journal article
Ngôn ngữ:English
Được phát hành: Blackwell Publishing 1989

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