Consumption and Saving under Knightian Uncertainty

This paper studies consumption/saving problem under Knightian uncer- tainty in a two period setting. The multiple-priors utility model is adopted. The e®ects of income uncertainty and capital uncertainty on optimal savings are analyzed by deriving closed form solutions.

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Year of publication:	2003-12
Authors:	Miao, Jianjun
Institutions:	Department of Economics, Boston University

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Extent:	application/pdf
Series:	Boston University - Department of Economics - The Institute for Economic Development Working Papers Series.
Type of publication:	Book / Working Paper
Notes:	Number dp-134 15 pages
Classification:	D81 - Criteria for Decision-Making under Risk and Uncertainty ; D91 - Intertemporal Consumer Choice; Life Cycle Models and Saving
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10004972861