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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 consumption smoothing ： ウィキペディア英語版 consumption smoothing Consumption smoothing is the economic concept used to express the desire of people to have a stable path of consumption. Since Milton Friedman's permanent income theory (1956) and Modigliani and Brumberg (1954) life-cycle model, the idea that agents prefer a stable path of consumption has been widely accepted.〔Friedman, Milton (1956). "A Theory of the Consumption Function." Princeton N. J.: Princeton University Press.〕〔Modigliani, F. & Brumberg, R. (1954): 'Utility analysis and the consumption function: An interpretation of cross-section data'. In: Kurihara, K.K (ed.): Post-Keynesian Economics〕 This idea came to replace the perception that people had a marginal propensity to consume and therefore current consumption was tied to current income. Friedman's theory argues that consumption is linked to the permanent income of agents. Thus, when income is affected by transitory shocks, for example, agents' consumption should not change, since they can use savings or borrowing to adjust. This theory assumes that agents are able to finance consumption with earnings that are not yet generated, and thus assumes perfect capital markets. Empirical evidence shows that liquidity constraint is one of the main reasons why it is difficult to observe consumption smoothing in the data. == Model == Robert Hall (1978) formalized Friedman's idea.〔Hall, Robert (1978). "Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence." Journal of Political Economy, vol. 86, pp. 971-988.〕 By taking into account the diminishing returns to consumption, and therefore, assuming a concave utility function, he showed that agents optimally would choose to keep a stable path of consumption. With (cf. Hall's paper) :$E\_t$ being the mathematical expectation conditional on all information available in $t$ :$\backslash delta\; =\; 1/\backslash beta-1$ being the agent's rate of time preference :$r\_t\; =\; R\_t\; -\; 1\backslash ge\; \backslash delta$ being the real rate of interest in $t$ :$u$ being the strictly concave one-period utility function :$c\_t$ being the consumption in $t$ :$y\_t\; =\; w\_t$ being the earnings in $t$ :$A\_t$ being the assets, apart from human capital, in $t$. agents choose the consumption path that maximizes: :$E\_\backslash sum\_^\backslash beta^\backslash left()$ Subject to a sequence of budget constraints: :$A\_=R\_(A\_+y\_-c\_)$ The first order necessary condition in this case will be: :$\backslash beta\; E\_R\_\backslash frac)\})\}=1$ By assuming that $R\_=R=\backslash beta\; ^$ we obtain, for the previous equation: :$E\_u^(c\_)=u^(c\_)$ Which, due to the concavity of the utility function, implies: :$E\_()=c\_$ Thus, rational agents would expect to achieve the same consumption in every period. Hall also showed that for a quadratic utility function, the optimal consumption is equal to: :$c\_=\backslash left(\backslash frac\backslash right)\; \backslash left(E\_\backslash sum\_^\backslash left(\; \backslash frac\backslash right)\; ^y\_+A\_\backslash right)$ This expression shows that agents choose to consume a fraction of their present discounted value of their human and financial wealth. 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「consumption smoothing」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.