In a model of rational agent choice, in which agents value consumption and leisure as well as health, we establish that … individuals, unconstrained by concerns of income or time, can and will choose levels of consumption and leisure that exceed their … (benefit) of achieving health. Observed positive trends in adult weight, brought on by higher levels of consumption and lower …

We propose a novel structural method to empirically identify economies of scale in household consumption. We assume … collective households with consumption technologies that define the public and private nature of expenditures through Barten … scales. Our method recovers the technology by solely exploiting preference information revealed by households' consumption …

This paper studies consumption and labor supply in a model where agents have partial insurance and face risk and … consumption are solved for analytically. We prove that all parameters of the structural model are identified given panel data on … wages and hours, and cross-sectional data on consumption. The model is estimated on US data. Second moments involving hours …

We show that the optimal consumption of an individual over the life cycle can have the hump shape (inverted U …, an impatient individual would prefer a decreasing consumption path over life. However, because of habit formation, a high … initial consumption would lead to high required consumption in the future. To cover the future required consumption, wealth is …

preferences and in the determination of optimal consumption and optimal bequests. We show how the consumption paths of dynasties … ; dynasties ; evolution of consumption ; evolution of bequests …

We propose a novel structural method to empirically identify economies of scale in household consumption. We assume … collective households with consumption technologies that define the public and private nature of expenditures through Barten … scales. Our method recovers the technology by solely exploiting preference information revealed by households' consumption …

effects on domestic consumption. Such effects may not be accurately detected and measured in a classical permanent …-income model without considering consumption habit formation as pointed out by Nishiyama (2005). To resolve this problem, this … paper employs an extended permanent-income model which encompasses consumption habit formation. Both cointegration analysis …

We propose a representation of individual preferences with a subsistence requirement in consumption, and examine its … environmental services. We find that the Hicksian elasticity of substitution strictly monotonically increases with the consumption … of environmental services above the subsistence requirement, and approaches the standard CES value as consumption becomes …

We study collective decisions by time-discounting individuals choosing a common consumption stream. We show that with …