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Understanding Consumption$
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Angus Deaton

Print publication date: 1992

Print ISBN-13: 9780198288244

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198288247.001.0001

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Theoretical Foundations

Theoretical Foundations

(p.1) Chapter 1 Theoretical Foundations
Understanding Consumption

Angus Deaton (Contributor Webpage)

Oxford University Press

Reviews the basic micro‐foundations of intertemporal choice under uncertainty, and considers the implications for the macroeconomic aggregates of consumption and savings. It also reviews the practical implications of different utility specifications. It is also shown how to derive the fundamental result that consumption follows a martingale. The chapter concludes by reviewing the relationship between the microeconomic theory and models that work with a representative agent model.

Keywords:   composite goods, consumption, dynamic inconsistency, incomplete markets, intertemporal choice, martingale, preference additivity, representative agent, uncertainty, utility specification

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