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摘要翻译：
本文分析了描述“习惯形成”消费者偏好的流行的时间不可分效用函数，比较了当前消费与同一个人过去消费的时间平均值，以及比较了个人消费与横截面平均消费水平的“赶超”(CuJ)模型。这些模型很少给出合理的最优消费时间序列。我们引入了理论上合理的效用规范，导致了一个合理的消费行为，以表明习惯形成偏好必须用幂CRRA效用函数来描述，而不是用于CUJ的指数CARA效用函数。
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英文标题：
《Utility Function and Optimum Consumption in the models with Habit
Formation and Catching up with the Joneses》
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作者：
Roman Naryshkin and Matt Davison
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最新提交年份：
2009
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分类信息：
一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类：Mathematics 数学
二级分类：Optimization and Control 优化与控制
分类描述：Operations research, linear programming, control theory, systems theory, optimal control, game theory
运筹学，线性规划，控制论，系统论，最优控制，博弈论
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英文摘要：
This paper analyzes popular time-nonseparable utility functions that describe "habit formation" consumer preferences comparing current consumption with the time averaged past consumption of the same individual and "catching up with the Joneses" (CuJ) models comparing individual consumption with a cross-sectional average consumption level. Few of these models give reasonable optimum consumption time series. We introduce theoretically justified utility specifications leading to a plausible consumption behavior to show that habit formation preferences must be described by a power CRRA utility function different from the exponential CARA used for CuJ.
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PDF链接：
https://arxiv.org/pdf/0909.3655
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