Pareto vs. Wicksell on adjustment costs in consumption. A reformulation

Jess Benhabib

doi:10.1016/0165-1765(79)90158-7

Pareto vs. Wicksell on adjustment costs in consumption. A reformulation

Jess Benhabib

Research output: Contribution to journal › Article › peer-review

Abstract

Pareto's adjustment cost model generating cyclical consumption patterns and Wicksell's observation that it contains mathematical errors are analyzed. An alternative model capturing the essence of Pareto's model and meeting Wicksell's criticisms is proposed where it is shown that consumption and leisure patterns may be cyclical over time.

Original language	English (US)
Pages (from-to)	121-124
Number of pages	4
Journal	Economics Letters
Volume	2
Issue number	2
DOIs	https://doi.org/10.1016/0165-1765(79)90158-7
State	Published - 1979

ASJC Scopus subject areas

Finance
Economics and Econometrics

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10.1016/0165-1765(79)90158-7

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abstract = "Pareto's adjustment cost model generating cyclical consumption patterns and Wicksell's observation that it contains mathematical errors are analyzed. An alternative model capturing the essence of Pareto's model and meeting Wicksell's criticisms is proposed where it is shown that consumption and leisure patterns may be cyclical over time.",

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AB - Pareto's adjustment cost model generating cyclical consumption patterns and Wicksell's observation that it contains mathematical errors are analyzed. An alternative model capturing the essence of Pareto's model and meeting Wicksell's criticisms is proposed where it is shown that consumption and leisure patterns may be cyclical over time.

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Pareto vs. Wicksell on adjustment costs in consumption. A reformulation

Abstract

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