Pareto vs. Wicksell on adjustment costs in consumption. A reformulation

Jess Benhabib

    Research output: Contribution to journalArticle

    Abstract

    Pareto's adjustment cost model generating cyclical consumption patterns and Wicksell's observation that it contains mathematical errors are analyzed. An alternative model capturing the essence of Pareto's model and meeting Wicksell's criticisms is proposed where it is shown that consumption and leisure patterns may be cyclical over time.

    Original languageEnglish (US)
    Pages (from-to)121-124
    Number of pages4
    JournalEconomics Letters
    Volume2
    Issue number2
    DOIs
    StatePublished - 1979

    Fingerprint

    Pareto
    Adjustment costs
    Wicksell
    Consumption patterns
    Criticism
    Leisure
    Cost model
    Alternative models

    ASJC Scopus subject areas

    • Economics and Econometrics
    • Finance

    Cite this

    Pareto vs. Wicksell on adjustment costs in consumption. A reformulation. / Benhabib, Jess.

    In: Economics Letters, Vol. 2, No. 2, 1979, p. 121-124.

    Research output: Contribution to journalArticle

    Benhabib, Jess. / Pareto vs. Wicksell on adjustment costs in consumption. A reformulation. In: Economics Letters. 1979 ; Vol. 2, No. 2. pp. 121-124.
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