## A theory of life cycle consumption |

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Allocation Appendix assume assumption BLS Survey capital market Chapter Cobb-Douglas coefficient commodity consumption conditions I-11 constant Consumption Function consumption path corner solution Cycle Consumption demand for market depends derived demand discounted value earners Economic elasticity of substitution equation equilibrium conditions estimate factor proportions falling family earnings Franco Modigliani full wealth constraint Gary Becker GILBERT ROLAND Hence homogeneous household head hypothesis Income Effects independent individual intertemporal Jacob Mincer marginal cost marginal foregone earnings marginal products marginal rate marginal utility neutral time preference nonmarket activities output peak wage percentage change percentage time rate period positive interest rates positively related production costs production function rate of change rate of interest rate of substitution real rate real wage rate regressions relative returns to scale rise stationary substitution in consumption substitution in production sumption utility function wage rate age wage rate rose wealth effects