A Leisurely Reading of the Life Cycle Consumption Data

A puzzle in consumption theory is the observation of a hump in age-consumption profiles. We study a general equilibrium life-cycle economy with capital in which households include both consumption and leisure in their period utility function. We calibrate the model and find that a significant hump in life-cycle consumption is a feature of the equilibrium. Thus inclusion of leisure in household preferences may provide part of the explanation of observed life-cycle consumption humps

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Year of publication:	[2006]
Authors:	Bullard, James B.
Other Persons:	Feigenbaum, James (contributor)
Publisher:	[2006]: [S.l.] : SSRN
Subject:	Lebenszyklus \| Life cycle \| Privater Konsum \| Private consumption \| Konsumtheorie \| Consumption theory \| Freizeit \| Leisure \| Konsumentenverhalten \| Consumer behaviour

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