The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Mar, 1975, Volume 43, Issue 2
https://doi.org/0012-9682(197503)43:2<261:OCOTWP>2.0.CO;2-W
p. 261-282
A. Anastasopoulos, Stratis Kounias
This paper is a study on optimal consumption over time under the assumption of uncertainty about prices and interest rates. A stochastic model has been developed in which present wealth is either consumed or invested in a future commodity and loans. The possibility of lending and borrowing allows the model to capture some of the aspects of a monetary economy, such as the effects of actual or anticipated inflation on optimal plans. Future prices follow a Markovian process. Conditions for the existence of optimal policies are given for concave utility functions in general, but constant elasticity utility functions are studied in greater detail. The case in which the expected value of the discounted stream of utilities is infinite, is also investigated.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
