Elsevier

Economics Letters

Volume 56, Issue 3, 14 November 1997, Pages 287-292
Economics Letters

Bliss and the permanent income hypothesis

https://doi.org/10.1016/S0165-1765(97)00164-XGet rights and content

Abstract

We study a variant of the permanent income hypothesis. Maintaining quadratic utility function and a discount rate equal to the interest rate, we modify the condition that savings be equal to zero at infinity: we assume free disposal of assets. We characterize the solution in this case.

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