高分求助：关于跨时期选择的问题

Consider an individual with a utility function u(c1; c2) where c1 denotes the amount of a good consumed in period 1 and c2 the amount consumed in period 2. The price of the good in each period is 1. Denote the individual's income in each period by (m1;m2) and assume initially that he or she is able to borrow and lend at an interest rate r.
(a) Explain why a corner solution would be intuitively unreasonable.

(b) Explain the meaning of subjective rate of time preference in this context and explain why a constant rate of of subjective time preference would be intuitively unreasonable.

(c) Suppose now that there is an imperfection in the capital market such that the interest rate at which the conumer can borrow, rb,is higher than that at which he or she can lend, rl: illustrate the
feasible budget set in this case.

(d) For the situation in (c) give, in terms of interest rates and the consumer's subjective rate of time preference, the condition which holds at the optimum for a consumer who neither borrows nor
lends.

a小题的cornei solution什么意思？？是不是预算线与横轴纵轴的交点？？

b小题让解释主观时间偏好率，以及为什么主观时间偏好率不能是定值。。

c小题说如果现在借款利息高于贷款利息，表明可能的预算集

d小题题目看不明白


以上4小题向高人求解。。。感激不尽

mayelvis 发表于 2010-1-4 18:53
Consider an individual with a utility function u(c1; c2) where c1 denotes the amount of a good consumed in period 1 and c2 the amount consumed in period 2. The price of the good in each period is 1. Denote the individual's income in each period by (m1;m2) and assume initially that he or she is able to borrow and lend at an interest rate r.
(a) Explain why a corner solution would be intuitively unreasonable.

(b) Explain the meaning of subjective rate of time preference in this context and explain why a constant rate of of subjective time preference would be intuitively unreasonable.

(c) Suppose now that there is an imperfection in the capital market such that the interest rate at which the conumer can borrow, rb,is higher than that at which he or she can lend, rl: illustrate the
feasible budget set in this case.

(d) For the situation in (c) give, in terms of interest rates and the consumer's subjective rate of time preference, the condition which holds at the optimum for a consumer who neither borrows nor
lends.

a小题的cornei solution什么意思？？是不是预算线与横轴纵轴的交点？？

b小题让解释主观时间偏好率，以及为什么主观时间偏好率不能是定值。。

c小题说如果现在借款利息高于贷款利息，表明可能的预算集

d小题题目看不明白


以上4小题向高人求解。。。感激不尽

a 中的corner solution的意思是，第一期不消费，全部收入用在第二期或者第二期不消费，全部收入用在第一期。
b 说主观时间偏好率，就是消费者自己心中的折现率，我不明白为什么不能是常数。绝大多数模型里面这个都是外生的常数。题目的意思可能是说，在均衡下主观时间偏好率必须等于利率，否则资本市场不能出清
c 根据两个利率分别画出两个预算集，然后他们的交集就是了。
d 应当是time preference 在borrow rate 和lend rate 之间的时侯，consumer 即不借款也不存款

顶上去，，谢谢各位高手了，，会的帮忙解答下

觉得您的答案是对的，，万分感谢

corner solution就是角点解吧？