范带中文注释第10章.pptxVIP

Chapter TenIntertemporal Choice跨时期选择StructurePresent and future valuesIntertemporal budget constraintPreferences for intertemporal consumptionIntertemporal choiceComparative staticsValuing securitiesIntertemporal ChoicePersons often receive e in “lumps”; e.g. monthly salary.How is a lump of e spread over the following month (saving now for consumption later)?Or how is consumption financed by borrowing now against e to be received at the end of the month?Present and Future ValuesBegin with some simple financial arithmetic.Take just two periods; 1 and 2.Let r denote the interest r