Dynamic consumer theory : a premier treatise with stochastic dynamic Slutsky equations / David W.K. Yeung.

Format:

Book

Author/Creator:

Yeung, David W. K., 1955- author.

Contributor:

Yeung, David W. K., 1955-

Series:

Business economics in a rapidly-changing world series.

Business Economics in a Rapidly-Changing World

Language:

English

Subjects (All):

Consumption (Economics)--Mathematical models.

Consumption (Economics).

Stochastic analysis.

Physical Description:

1 online resource (410 p.)

Place of Publication:

New York : Nova Publishers, 2015.

Language Note:

English

Summary:

This book is the first treatise on consumer theory in a dynamic framework. It expands the conventional static consumer theory into a stochastic dynamic framework accommodating various combinations of uncertainties in future income, life-span and future preferences. These extensions incorporate realistic and intrinsic characteristics of the consumer decision into the analysis of consumer theory. Novel innovations to the field of consumer theory presented in the book include wealth-dependent ordinary demand, inter-temporal indirect utility function, wealth compensated demand, wealth expenditure

Contents:

""DYNAMIC CONSUMER THEORY: A PREMIER TREATISE WITH STOCHASTIC DYNAMIC SLUTSKY EQUATIONS""; ""DYNAMIC CONSUMER THEORY: A PREMIER TREATISE WITH STOCHASTIC DYNAMIC SLUTSKY EQUATIONS""; ""Library of Congress Cataloging-in-Publication Data""; ""CONTENTS""; ""PREFACE""; ""FOREWORD""; ""ABOUT THE AUTHOR""; ""Chapter 1: INTRODUCTION""; ""Chapter 2: STATIC CONSUMER THEORY: A REVIEW""; ""2.1. UTILITY MAXIMIZATION""; ""2.2. LAGRANGE MULTIPLIER AND ROY�S IDENTITY""; ""2.4. DUALITY BETWEEN UTILITY MAXIMIZATION AND EXPENDITURE MINIMIZATION""; ""2.5. SLUTSKY�S EQUATION""; ""2.6. AN ILLUSTRATION""

""2.7. PREFERENCE UNDER UNCERTAINTY AND EXPECTED UTILITY""""2.8. TECHNICAL APPENDICES""; ""2.9. CHAPTER NOTES""; ""2.10. PROBLEMS""; ""Chapter 3: DISCRETE-TIME DYNAMIC OPTIMIZATION""; ""3.1. DISCRETE-TIME DYNAMIC PROGRAMMING""; ""3.2. DISCRETE-TIME STOCHASTIC DYNAMIC PROGRAMMING""; ""3.3. DYNAMIC OPTIMIZATION UNDER RANDOM HORIZON""; ""3.4. STOCHASTIC DYNAMIC OPTIMIZATION UNDER RANDOM HORIZON""; ""3.5. DYNAMIC OPTIMIZATION UNDER UNCERTAIN FUTURE PAYOFF STRUCTURES""; ""3.6. APPENDICES""; ""3.7. CHAPTER NOTES""; ""3.8. PROBLEMS""; ""Chapter 4: UTILITY MAXIMIZATION IN DYNAMIC FRAMEWORK""

""4.1. INTER-TEMPORAL UTILITY MAXIMIZATION""""4.2. THE INTER-TEMPORAL PRIMAL PROBLEM OF UTILITY MAXIMIZATION""; ""4.4. AN ILLUSTRATION WITH EXPLICIT UTILITY FUNCTION""; ""4.5. DYNAMIC UTILITY MAXIMIZATION UNDER UNCERTAINTY""; ""4.6. WEALTH-DEPENDENT ORDINARY DEMAND AND INDIRECT UTILITY""; ""4.7. INTER-TEMPORAL ROY�S IDENTITY UNDER STOCHASTIC INCOME""; ""4.8. AN ILLUSTRATION""; ""4.9. APPENDICES""; ""APPENDIX 4.2: PROOF OF THEOREM 4.4.""; ""4.10. CHAPTER NOTES""; ""4.11. PROBLEMS""; ""Chapter 5: DUALITY AND WEALTH COMPENSATED DEMAND""

""5.1. THE DUAL PROBLEM OF WEALTH EXPENDITURE MINIMIZATION""""5.2. WEALTH COMPENSATED DEMAND AND WEALTH EXPENDITURE FUNCTION""; ""5.3. AN ILLUSTRATION""; ""5.4. WEALTH EXPENDITURE MINIMIZATION UNDER INCOME UNCERTAINTY""; ""5.5. AN ILLUSTRATION""; ""5.6. APPENDIX""; ""5.7. CHAPTER NOTES""; ""5.8. PROBLEMS""; ""Chapter 6: DYNAMIC SLUTSKY EQUATIONS""; ""6.1. DYNAMIC SLUTSKY EQUATION""; ""6.2. DYNAMIC SLUTSKY EQUATION: AN ILLUSTRATION""; ""6.3. DIAGRAMMATIC ANALYSIS""; ""6.4. DYNAMIC SLUTSKY EQUATION UNDER INCOME UNCERTAINTY""; ""6.5. AN ILLUSTRATION""; ""6.6. DIAGRAMMATIC ANALYSIS""

""6.7. CHAPTER NOTES""""6.8. PROBLEMS""; ""Chapter 7: DYNAMIC CONSUMPTION UNDER RANDOM HORIZON AND UNCERTAIN INCOME""; ""7.1. DYNAMIC UTILITY MAXIMIZATION UNDER RANDOM LIFE-SPAN AND UNCERTAIN INCOME""; ""7.2. WEALTH-DEPENDENT ORDINARY DEMAND UNDER UNCERTAIN LIFE-SPAN AND INCOME""; ""7.3. INTERTEMPORAL ROY�S IDENTITY UNDER STOCHASTIC INCOME AND LIFE-SPAN""; ""7.4. Duality and Wealth Compensated Demand""; ""7.5. RANDOM HORIZON STOCHASTIC DYNAMIC SLUTSKY EQUATION""; ""7.6. AN ILLUSTRATION WITH EXPLICIT UTILITY FUNCTION""; ""7.7. APPENDICES""; ""7.8. CHAPTER NOTES""; ""7.9. PROBLEMS""

""Chapter 8: CONSUMPTION AMID UNCERTAINTIES IN INCOME, LIFE-SPAN AND PREFERENCES""

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Description based on print version record.

ISBN:

1-63321-810-4

OCLC:

914433158