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On the Concavity of the Consumption Function with a Quadratic Utility under Liquidity Constraints

This paper demonstrates the concavity of the consumption function of infinitely living households under liquidity constraints who are not prudent - i.e. with a quadratic utility. The concavity of the consumption function is closely related to the 3-convexity of the value function.
Year of publication:
2011-09
Authors: Nishiyama, Shin-Ichi ; Kato, Ryo
Institutions: Graduate School of Economics and Management, Tohoku University
Extent:
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application/pdf
Series:
Type of publication: Book / Working Paper
Notes:
Number 274 10 pages
Source:
Persistent link: https://ebvufind01.dmz1.zbw.eu/10010699474
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