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

Jess Benhabib

    Research output: Contribution to journalArticle

    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 languageEnglish (US)
    Pages (from-to)121-124
    Number of pages4
    JournalEconomics Letters
    Volume2
    Issue number2
    DOIs
    StatePublished - 1979

    ASJC Scopus subject areas

    • Finance
    • Economics and Econometrics

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