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The theory of intertemporal choice predicts that the cross-sectional variance of the marginal utility of consumption is … test. This test is applied to data from the United States, the United Kingdom and Italy. The results are remarkably … consistent with the restrictions implied by the theory of intertemporal consumption choices …
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The theory of intertemporal choice predicts that the cross-sectional variance of the marginal utility of consumption is … test. This test is applied to data from the United States, the United Kingdom and Italy. The results are remarkably … consistent with the restrictions implied by the theory of intertemporal consumption choices …
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How are substitution in the spatial and in the temporal sense connected? Can estimates based on data with spatial variation be transmitted into values appropriate for exploring temporal variation, and vice versa? This paper, building on, inter alia, Frisch (1959), attempts to give some...
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