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ID:39066135
大小:299.00 KB
页数:13页
时间:2019-06-24
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1、DerivingtheDividendDiscountModelintheIntermediate金融学跨期消费模型研究不同时间人们的消费行为,涉及时间因素的的消费和储蓄。即消费者不必将每期的收入用光,他可以选择储蓄,也可以选择贷款。其预算约束线的斜率与利率有关,为-(1+R),R是利率,然后再此预算约束现的情况下研究消费者偏好。分析的结果一般为:利率提高,人们选择少消费,更倾向于储蓄,利率降低,人们会多消费,倾向于借贷。那它的方程是什么样子的?假设只有两期,C是消费,M是收入:C2=M2+(1+R)(m1-c1)1,2都是角标。weem
2、ployedastandardtwo-periodmodelwithconsumersmaximizingutilityU(C1,C2).Income(I)inbothperiodsisknown,thepriceofaunitofconsumption(C)inbothperiodsisequaltoone,andtheindividualcanborroworlendatthesamerisk-freeinterestrate(rf).Themaximizingagenthastwobudgetconstraintsoverthetw
3、operiods.Inthefirstperiod,I1=C1+BwhereBisthedollarvalueofthebondspurchased.Inthesecondperiod,I2+(1+rf)B=C2FIGURE1Intertemporalconsumptionmodel.Fromthefirstbudgetconstraint,B=I1−C1andsubstitutingthatintothesecondbudgetconstraint,thisgivestheequationforthebudgetconstraintli
4、neasC2=I2+(1+rf)(I1−C1)Theequilibriumconditionisthenstraightforwardtoderiveasfollows:Themarginalrateofsubstitution(MRS)isthetradeoffofcurrentconsumptionforfutureconsumptionthatleavestheindividualindifferent;putdifferently,theminimumamountnecessarytoreceiveinthefuturetogiv
5、eupaunitofconsumptiontoday.Aslongasthereturn(1+rf)isgreaterthantheMRSofcurrentandfutureconsumption,theindividualwillpostponeconsumptionandincreasehisutility.Theindividualwillcontinuegivingupcurrentconsumptionpreciselytothepointwherethereturnofthebondisjustsufficienttocomp
6、ensatehimforwaiting.TheimportantaspectistheconceptofdiminishingMRS,thatwitheachadditionalunitofpostponedcurrentconsumptiontheindividualrequiresahigherreturn(slopeofindifferencecurvegetssteeperasonemovesfromrighttoleft).Inafinanceclass,thestudenttypicallylearnsthenetpresen
7、tvalue(NPV)criteriaforinvestmentprojectsasevaluatingallprojects,rankedfromhighesttolowestrateofreturn(ROR),againsttheopportunitycostofcapital,whichisassumedtobeconstant.Todirectlycomparetheintertemporalconsumptionmodeltoconceptsinfinancerequiresconsiderationofastandardcon
8、caveinvestmentopportunitysetthatranksinvestmentprojectsfromrighttoleftbyhighesttolowestratesofre
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