Pareto vs. Wicksell on adjustment costs in consumption: A reformulation |
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| Authors: | Jess Benhabib |
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| Institution: | University of Southern California, Los Angeles, CA 90007, USA |
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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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