PowerPointPrsentation Freie UniversittPowerPoint公关228表示法柏林自由大学和228T.pptVIP

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PowerPointPrsentation Freie UniversittPowerPoint公关228表示法柏林自由大学和228T.ppt

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PowerPointPrsentation Freie UniversittPowerPoint公关228表示法柏林自由大学和228T

Berlin School of Economics Fisher - SeparationNeanderthalian Consumption Patterns Some people prefer to consume now, some to invest now and consume later. Without investment opportunities, consumers can only decide whether to consume now or later. Valuation - Spot Rates (“Flat” Rate) slide no.: * Prof. Dr. Rainer Stachuletz – Berlin School of Economics Berlin Klippakademie Berlin School of Economics Betriebswirtschaftliche Bewertungsmethoden Studieng?nge B.A. Business Administration Prof. Dr. Rainer Stachuletz Corporate Finance Fachhochschule für Wirtschaft Berlin Berlin School of Economics Winter 2006/2007 Fisher - SeparationConsumption Patterns and Financial Markets If there were financial investment opportuni-ties, a household can decide to lend a part of his income to financial markets. At an interest rate of i.e. 20% p.a. and a consumption pattern of (40:60), the household will then enjoy 72 in t 1. Financial markets increase wealth. Fisher - SeparationConsumption and Real Asset Investments GE0 V0A Y0 PA Y1 GE1 b1A a0A To invest always means a decision between consumption (V0A) and investment (a0A). What you invest in to, you will earn one period later. (b1A). Given an income (Y0), the graph shows all possible combinations of consumption and investment-plans). This ?transformation - function“ is convex shaped, because of the generally declining marginal prod-uctivity of real - asset investments. From Y0 each unit of invested money will first lead to a relatively higher future income, later (when investing your money in less profitable projects) it will lead to a lower future income. Fisher SeparationConsumption and Real Investments GE0 V0A Y0 PA Y1 GE1 b1A a0A UA T The individual combination of consumption/investment depends on the individual utility function. The utility - function UA describes all combinations, providing the same utility to a specific individual. The optimum consumption/ investment-pattern is then given at (PA), where