The Optimum Allocation of Consumption of the Fisherian Shipwrecked Sailors

Pavel Potužák
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引用次数: 1

Abstract

The theory of interest of Irving Fisher was designed to explain positive, zero, and negative interest rate. One of the intertemporal equilibria with the zero interest is an economy with a given supply of hardtacks for shipwrecked sailors. Hardtacks can be fully saved for the future, but their stock cannot be enlarged by production. Fisher presented several streams of consumption of hardtacks over time. This paper shows that the Fisherian paths are not consistent with the dynamic optimization model. Different trajectories of the optimum consumption are calculated and sketched. Their shape depends on the value of the subjective discount rate, the intertemporal elasticity of substitution in consumption, and the lifetime horizon of the shipwrecked sailors. None of them resemble the original Fisher examples.
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渔业海难水手消费的最优配置
欧文-费舍尔的利率理论是用来解释正利率、零利率和负利率的。零利息的跨期均衡之一是一个为沉船船员提供一定数量硬背的经济体。硬钉可以完全保存到未来,但它们的库存不能通过生产来增加。费舍尔介绍了随着时间的推移,硬背鱼的几种消费流。本文证明了Fisherian路径与动态优化模型不一致。计算并绘制了最佳消耗的不同轨迹。它们的形状取决于主观贴现率的价值、消费替代的跨期弹性以及沉船船员的寿命范围。它们都不象最初的Fisher例子。
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