000			01904cam a22003377 4500
001			w15427
003			NBER
005			20211020111350.0
006			m o d
007			cr cnu||||||||
008			210910s2009 mau fo 000 0 eng d
100	1		_aHowitt, Peter.
245	1	0	_aAdaptive Consumption Behavior / _cPeter Howitt, Ömer Özak.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2009.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w15427
500			_aOctober 2009.
520	3		_aThis paper proposes and studies a theory of adaptive consumption behavior under income uncertainty and liquidity constraints. We assume that consumption is governed by a linear function of wealth, whose coefficients are revised each period by a procedure, which, although sophisticated, places few informational or computational demands on the consumer. We show that under a variety of settings, our procedure converges quickly to a set of coefficients with low welfare cost relative to a fully optimal nonlinear consumption function.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE21 - Consumption • Saving • Wealth _2Journal of Economic Literature class.
690		7	_aC63 - Computational Techniques • Simulation Modeling _2Journal of Economic Literature class.
700	1		_aÖzak, Ömer.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w15427.
856	4	0	_uhttps://www.nber.org/papers/w15427
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w15427
942			_2ddc _cW-PAPER
999			_c332694 _d291256