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We would like to acknowledge the invaluable assistance provided by Ludovico Carraro in analyzing the data sets from the country case studies reviewed in this paper, and in documenting the programs in...
Roughly 75 percent of the 1.5 billion workers in low-income countries are employed in agriculture. Incomes of these farmers are volatile, determined in large part by weather conditions and internation...
We revisit to what extent the increase in income inequality over the last 30 years has been mirrored by consumption inequality. We do so by constructing an alternative measure of consumption expenditu...
Gender Effects in Indian Consumption Patterns
We study a multi-period Arrow-Debreu equilibrium in a heterogeneous economy populated by agents trading in a complete market. Each agent is represented by an exponential utility function, where addi...
We provide a detailed characterization of the optimal consumption stream for the additive habit-forming utility maximization problem, in a framework of general discrete-time incomplete markets and r...
The paper focuses on beer consumption in the Czech Republic, the country with the highest beer consumption per capita in the world. To understand the recent beer-consumption behaviour, we use the mont...
We consider an optimal consumption - investment problem for financial markets of Black-Scholes's type with the random coefficients. The existence and uniqueness theorem for the Hamilton-Jacobi-Bellman...
We investigate optimal consumption problems for a Black-Scholes market under uniform restrictions on Value-at-Risk and Expected Shortfall for logarithmic utility functions. We find the solutions in t...
There has been a lot of research done to better understand the effects of taxation on cigarette consumption. Since cigarettes are addictive, it could be expected that taxation would have little or...
This paper analyzes popular time-nonseparable utility functions that de-scribe “habit formationconsumer preferences comparing current consumption with the time averaged past consumption of the same ...
We study the utility maximization problem for power utility ran-dom fields in a semimartingale financial market, with and without intermediate consumption. The notion of an opportunity process is intr...
In the past ten years, meat and meat products consumption has changed dramatically. It has been caused by price and non-price factors. This article gives a brief recapitulation of the development of t...
In the early 1950s, Franco Modigliani and his student Richard Brumberg worked out a theory of spending based on the idea that people make intelligent choices about how much they want to spend at each ...
Previous authors have documented a dramatic decline in food expenditures at the time of retirement. We show that this is matched by an equally dramatic rise in time spent shopping for and preparing me...

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