most citedUtility Function and Optimum Consumption in the models with Habit Formation and Catching up with the Joneses

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q-fin.GN2009★ 1 cited

Utility Function and Optimum Consumption in the models with Habit Formation and Catching up with the Joneses

Roman Naryshkin, Matt Davison

This paper analyzes popular time-nonseparable utility functions that describe "habit formation" consumer preferences comparing current consumption with the time averaged past consu…