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| Intertemporal elasticity of substitution ： ウィキペディア英語版 |
Elasticity of intertemporal substitution
Elasticity of intertemporal substitution (or intertemporal elasticity of substitution) is a measure of responsiveness of the growth rate of consumption to the real interest rate.〔(Robert Hall, JPE )〕 If the real rate rises, current consumption may decrease due to increased return on savings; but current consumption may also increase as the household decides to consume more immediately, as he is feeling richer. The net effect on current consumption is the elasticity of intertemporal substitution.〔(Intertemporal Substitution - EconModel )〕
==Mathematical definition==
The definition depends on whether one is working in discrete or continuous time. We will see that for CRRA utility, the two approaches yield the same answer. The below functional forms assume that utility from consumption is time additively separable.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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