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Results tagged with utility
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user 28345
Utility, or usefulness, is the (perceived) ability of something to satisfy needs or wants.
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Why do many papers not write the actual utility function?
papers write the intertemporal maximisation problem for the household as
\begin{equation}E_{0} \sum_{t=0}^{\infty} \beta^{t} U\left(C_{t}, N_{t}\right)\end{equation}
and then do not write the actual utility … However also in that book there is no explicit utility function.
How is it possible to get the Euler equation or the IS curve without the actual functon? …
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