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翻訳と辞書　辞書検索 [ 開発暫定版 ] スポンサード リンク King–Plosser–Rebelo preferences ： ウィキペディア英語版 King–Plosser–Rebelo preferences King–Plosser–Rebelo preferences are a particular functional form of utility that is used in many macroeconomic models and dynamic stochastic general equilibrium models. Having originally been proposed in an article that appeared in the ''Journal of Monetary Economics'' in 1988,〔 〕 the corresponding technical appendix detailing their derivation has only been published in 2002.〔 〕 Denote consumption with C, leisure with L and the absolute value of the inverse of the intertemporal elasticity of substitution in consumption with $\backslash sigma\; \_c$. Strict concavity of the utility function implies $\backslash sigma\; \_c\; >\; 0$. For or $\backslash sigma\; \_c\; >\; 1$ the momentarily utility function has the multiplicatively separable form $u\backslash left(\; \backslash right)\; =\; \backslash frac\}v\backslash left(\; L\; \backslash right)$ where $v\backslash left(\; L\; \backslash right)$ is increasing and concave if or decreasing and convex if $\backslash sigma\; \_c\; >\; 1$. Further restrictions are required to assure overall concavity of the momentarily utility function. In the limit case of $\backslash sigma\; \_c\; =\; 1$ the resulting preferences specification is additively separable and given by $u\backslash left(\; \backslash right)\; =\; \backslash ln\; +\; v\backslash left(\; L\; \backslash right)$ where $v\backslash left(\; L\; \backslash right)$ is increasing and concave. The reason for the prevalence of this preference specification in macroeconomics is that they are compatible with balanced growth along the optimal steady state. Hence, they are used in many dynamic stochastic general equilibrium models, which are typically derived from the neoclassical growth model. The reason for their compatibility with balanced growth is twofold. First, having a constant interest rate in steady state, the growth rate of marginal utility must be constant, which is the case here. Second, having a finite time endowment, balanced growth together with an optimal choice of labor by the agents implies that income and substitution effect of the increase in real wages due to productivity increases must cancel each other. ==Shortcut to achieve balanced growth compatibility== To have additively separable preferences along with balanced growth, some studies use the shortcut of introducing a scaling factor containing the level of labor augmenting technology before the leisure term. An example of such a utility function would be〔 〕 $u\backslash left(\; C,L\; \backslash right)\; =\; \backslash fracC^\; -\; z^\backslash frac$ Where $\backslash kappa$ denotes the inverse of the Frisch elasticity of labor supply and z is the level of labor augmenting technology. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「King–Plosser–Rebelo preferences」の詳細全文を読む スポンサード リンク 翻訳と辞書 : 翻訳のためのインターネットリソース Copyright(C) kotoba.ne.jp 1997-2016. All Rights Reserved.