ch10 跨时期选择 经济

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1、ChapterTenIntertemporalChoice跨时期选择StructurePresentandfuturevaluesIntertemporalbudgetconstraintPreferencesforintertemporalconsumptionIntertemporalchoiceComparativestaticsValuingsecuritiesIntertemporalChoicePersonsoftenreceiveincomein“lumps”;e.g.monthlysalary.Howi

2、salumpofincomespreadoverthefollowingmonth(savingnowforconsumptionlater)?Orhowisconsumptionfinancedbyborrowingnowagainstincometobereceivedattheendofthemonth?PresentandFutureValuesBeginwithsomesimplefinancialarithmetic.Takejusttwoperiods;1and2.Letrdenotetheinteres

3、trateperperiod.FutureValueE.g.,ifr=0.1then$100savedatthestartofperiod1becomes$110atthestartofperiod2.Thevaluenextperiodof$1savednowisthefuturevalueofthatdollar.FutureValueGivenaninterestraterthefuturevalueoneperiodfromnowof$1isGivenaninterestraterthefuturevalueo

4、neperiodfromnowof$misPresentValue（现值）Supposeyoucanpaynowtoobtain$1atthestartofnextperiod.Whatisthemostyoushouldpay?$1?No.Ifyoukeptyour$1nowandsaveditthenatthestartofnextperiodyouwouldhave$(1+r)>$1,sopaying$1nowfor$1nextperiodisabaddeal.PresentValueQ:Howmuchmoney

5、wouldhavetobesavednow,inthepresent,toobtain$1atthestartofthenextperiod?A:$msavednowbecomes$m(1+r)atthestartofnextperiod,sowewantthevalueofmforwhichm(1+r)=1Thatis,m=1/(1+r),thepresent-valueof$1obtainedatthestartofnextperiod.PresentValueThepresentvalueof$1avail

6、ableatthestartofthenextperiodisAndthepresentvalueof$mavailableatthestartofthenextperiodisPresentValueE.g.,ifr=0.1thenthemostyoushouldpaynowfor$1availablenextperiodisAndifr=0.2thenthemostyoushouldpaynowfor$1availablenextperiodisTheIntertemporalChoiceProblemLetm1a

7、ndm2beincomesreceivedinperiods1and2.Letc1andc2beconsumptionsinperiods1and2.Letp1andp2bethepricesofconsumptioninperiods1and2.TheIntertemporalChoiceProblemTheintertemporalchoiceproblem:Givenincomesm1andm2,andgivenconsumptionpricesp1andp2,whatisthemostpreferredinte

8、rtemporalconsumptionbundle(c1,c2)?Forananswerweneedtoknow:theintertemporalbudgetconstraintintertemporalconsumptionpreferences.TheIntertemporalBudgetConstraintTostart,