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Logic of Choice and Economic Theory$
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S. N. Afriat

Print publication date: 1987

Print ISBN-13: 9780198284611

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198284616.001.0001

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Ramsey's Savings Rule

Ramsey's Savings Rule

(p.78) I.5 Ramsey's Savings Rule
Logic of Choice and Economic Theory

S. N. Afriat

Oxford University Press

This final chapter of Part I of the book (on choice and the optimum) is a study of the optimal savings theory (the Savings Rule) of Frank Ramsey (1928)—what it represents and the arguments involved. Its nine sections are: counting and discounting; income disposition; Ramsey's problem; the Savings Rule; Keynes's argument (for the Savings Rule); Ramsey's argument (for the Savings Rule); time paths; a special case (of a production function as applied to savings); and discounted future (utility).

Keywords:   Arrow's impossibility theorem, choice, demand, democratic choice, optimum, positive association, revealed preference, voting

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