WEALTH AND CONSUMER HORIZON: EVIDENCE FROM A DEVELOPING ECONOMY
作者:
Prem S. Laumas,
期刊:
Review of Income and Wealth
(WILEY Available online 1992)
卷期:
Volume 38,
issue 1
页码: 71-79
ISSN:0034-6586
年代: 1992
DOI:10.1111/j.1475-4991.1992.tb00402.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
This paper presents new evidence on the length of consumer horizon, which represents an important aspect of the Permanent Income Hypothesis. It uses data on private wealth of India for 1949–50 to 1974–75. Time varying parameter estimation is used to derive annual values of consumer discount rate and horizon. The findings support Friedman's view that horizon is approximately three years long. The author discusses the plausibility of his findi
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