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1、DerivingtheDividendDiscountModelintheIntermediate金融學(xué)跨期消費(fèi)模型研究不同時(shí)間人們的消費(fèi)行為，涉及時(shí)間因素的的消費(fèi)和儲蓄。即消費(fèi)者不必將每期的收入用光，他可以選擇儲蓄，也可以選擇貸款。其預(yù)算約束線的斜率與利率有關(guān)，為-(1+R)，R是利率，然后再此預(yù)算約束現(xiàn)的情況下研究消費(fèi)者偏好。分析的結(jié)果一般為：利率提高，人們選擇少消費(fèi)，更傾向于儲蓄，利率降低，人們會多消費(fèi)，傾向于借貸。那它的方程是什么樣子的？假設(shè)只有兩期,C是消費(fèi)，M是收入：C2=M2+(1+R)(m1-c1)1，2都是角標(biāo)。weemployedastandardtwo-pe
2、riodmodelwithconsumersmaximizingutilityU(C1,C2).Income(I)inbothperiodsisknown,thepriceofaunitofconsumption(C)inbothperiodsisequaltoone,andtheindividualcanborroworlendatthesamerisk-freeinterestrate(rf).Themaximizingagenthastwobudgetconstraintsoverthetwoperiods.Inthefirstperiod,I1=C1+BwhereBist
3、hedollarvalueofthebondspurchased.Inthesecondperiod,I2+(1+rf)B=C2FIGURE1Intertemporalconsumptionmodel.Fromthefirstbudgetconstraint,B=I1?C1andsubstitutingthatintothesecondbudgetconstraint,thisgivestheequationforthebudgetconstraintlineasC2=I2+(1+rf)(I1?C1)Theequilibriumconditionisthenstraightfor
4、wardtoderiveasfollows:Themarginalrateofsubstitution(MRS)isthetradeoffofcurrentconsumptionforfutureconsumptionthatleavestheindividualindifferent;putdifferently,theminimumamountnecessarytoreceiveinthefuturetogiveupaunitofconsumptiontoday.Aslongasthereturn(1+rf)isgreaterthantheMRSofcurrentandfut
5、ureconsumption,theindividualwillpostponeconsumptionandincreasehisutility.Theindividualwillcontinuegivingupcurrentconsumptionpreciselytothepointwherethereturnofthebondisjustsufficienttocompensatehimforwaiting.TheimportantaspectistheconceptofdiminishingMRS,thatwitheachadditionalunitofpostponedc
6、urrentconsumptiontheindividualrequiresahigherreturn(slopeofindifferencecurvegetssteeperasonemovesfromrighttoleft).Inafinanceclass,thestudenttypicallylearnsthenetpresentvalue(NPV)criteriaforinvestmentprojectsasevaluatingallprojects,rankedfromhighesttolowestrateofreturn(ROR),againsttheopportuni
7、tycostofcapital,whichisassumedtobeconstant.Todirectlycomparetheintertemporalconsumptionmodeltoconceptsinfinancerequiresconsiderationofastandardconcaveinvestmentopportunitysetthatranksinvestmentprojectsfromrighttoleftbyhighesttolowestratesofre
