最新北大ceer笔记9课件PPT.ppt

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1、北大ceer笔记9StructurePresentandfuturevaluesIntertemporalbudgetconstraintPreferencesforintertemporalconsumptionIntertemporalchoiceComparativestaticsValuingsecuritiesIntertemporalChoicePersonsoftenreceiveincomein“lumps”;e.g.monthlysalary.Howisalumpofincome

2、spreadoverthefollowingmonth(savingnowforconsumptionlater)?Orhowisconsumptionfinancedbyborrowingnowagainstincometobereceivedattheendofthemonth?PresentValue（现值）Supposeyoucanpaynowtoobtain$1atthestartofnextperiod.Whatisthemostyoushouldpay?$1?No.Ifyoukept

3、your$1nowandsaveditthenatthestartofnextperiodyouwouldhave$(1+r)>$1,sopaying$1nowfor$1nextperiodisabaddeal.PresentValueQ:Howmuchmoneywouldhavetobesavednow,inthepresent,toobtain$1atthestartofthenextperiod?A:$msavednowbecomes$m(1+r)atthestartofnextperiod

4、,sowewantthevalueofmforwhichm(1+r)=1Thatis,m=1/(1+r),thepresent-valueof$1obtainedatthestartofnextperiod.PresentValueThepresentvalueof$1availableatthestartofthenextperiodisAndthepresentvalueof$mavailableatthestartofthenextperiodisPresentValueE.g.,if

5、r=0.1thenthemostyoushouldpaynowfor$1availablenextperiodisAndifr=0.2thenthemostyoushouldpaynowfor$1availablenextperiodisTheIntertemporalChoiceProblemLetm1andm2beincomesreceivedinperiods1and2.Letc1andc2beconsumptionsinperiods1and2.Letp1andp2bethepriceso

6、fconsumptioninperiods1and2.TheIntertemporalChoiceProblemTheintertemporalchoiceproblem:Givenincomesm1andm2,andgivenconsumptionpricesp1andp2,whatisthemostpreferredintertemporalconsumptionbundle(c1,c2)?Forananswerweneedtoknow:theintertemporalbudgetconstr

7、aintintertemporalconsumptionpreferences.TheIntertemporalBudgetConstraintTostart,let’signorepriceeffectsbysupposingthatp1=p2=$1.TheIntertemporalBudgetConstraintSupposethattheconsumerchoosesnottosaveortoborrow.Q:Whatwillbeconsumedinperiod1?A:c1=m1.Q:W

8、hatwillbeconsumedinperiod2?A:c2=m2.TheIntertemporalBudgetConstraintc1c2m2m100TheIntertemporalBudgetConstraintc1c2So(c1,c2)=(m1,m2)istheconsumptionbundleiftheconsumerchoosesneithertosavenortoborrow.m2m100TheIntertemporalBudgetConstraintNowsu