论文标题
对消费功能凹入性的双曲线绝对风险的必要性
Necessity of Hyperbolic Absolute Risk Aversion for the Concavity of Consumption Functions
论文作者
论文摘要
Carroll and Kimball（1996）表明，在严格增加，严格凹入且具有非负第三衍生物的效用函数中，双曲线绝对风险避免（HARA）足以足以使消耗功能在一般消耗问题中的消费函数凹入。本文表明，Hara是必要的，这意味着消费的凹入性并不是HARA类以外的强大预测。
Carroll and Kimball (1996) have shown that, in the class of utility functions that are strictly increasing, strictly concave, and have nonnegative third derivatives, hyperbolic absolute risk aversion (HARA) is sufficient for the concavity of consumption functions in general consumption-saving problems. This paper shows that HARA is necessary, implying the concavity of consumption is not a robust prediction outside the HARA class.
