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A note on consumption and savings under knightian uncertainty

By Jianjun Miao

Abstract

This paper studies consumption/saving problem under Knightian uncertainty in a two period setting. The multiple-priors utility model is adopted. The effects of income uncertainty and capital uncertainty on optimal savings are analyzed by deriving closed form solutions. c ○ 2004 Peking University Pres

Topics: Key Words, Consumption, Savings, Knightion uncertainty. JEL Classification Numbers, D81, D91
Year: 2004
OAI identifier: oai:CiteSeerX.psu:10.1.1.352.7395
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