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Dynamic Consumer Theory - A Premier Treatise with Stochastic Dynamic Slutsky Equations (Hardcover)
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Dynamic Consumer Theory - A Premier Treatise with Stochastic Dynamic Slutsky Equations (Hardcover)
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This book is the first treatise on consumer theory in a dynamic
framework. It expands the conventional static consumer theory into
a stochastic dynamic framework accommodating various combinations
of uncertainties in future income, life-span and future
preferences. These extensions incorporate realistic and intrinsic
characteristics of the consumer decision into the analysis of
consumer theory. Novel innovations to the field of consumer theory
presented in the book include wealth-dependent ordinary demand,
inter-temporal indirect utility function, wealth compensated
demand, wealth expenditure function and inter-temporal Roy's
identity under uncertainty. A prominent highlight of the book is
the derivation of a series of stochastic dynamic Slutsky equations.
New optimal consumption paradigms presented include: (i) utility
maximisation in a dynamic framework, duality and wealth compensated
demand, and dynamic Slutsky equations, (ii) dynamic consumption
under random horizon and income, (iii) consumption amid
uncertainties in income, life span and preferences, and (iv)
stochastic future prices and consumption decision. The mathematical
foundation of the book provides a fertile ground for the analysis
of dynamic consumption under stochastic dynamic environments. The
book paves the way for a new phase in optimal consumption analysis
and will be of interest to economics and mathematics students,
economists, mathematicians and researchers in consumer behaviour.
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