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    A Nonparametric Test of the Life-Cycle Rational Expectations Hypothesis. by Browning, M

    Published 1989
    “…In this paper we present a test of whether any particular series of discounted prices and quantities can be exactly reconciled with a utility function and marginal utility of discounted expenditure that do not change from period to period. We find that U.K., U.S. and Canadian postwar aggregate data all reject our condition, although it is not rejected for long sub-periods. …”
    Journal article
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