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Wireless Networks
Erschienen in: Wireless Networks 8/2020

24.06.2019

Optimal consumption decisions of family networks with similar felicity functions

verfasst von: Alfredo Omar Palafox-Roca, Román Rodríguez-Aguilar, Claudia Estrella Castillo-Ramírez, Francisco Venegas-Martínez

Erschienen in: Wireless Networks | Ausgabe 8/2020

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Abstract

Family networks have increased at an accelerated pace through social networking through social networking services, online platforms, and social media clubs. This paper develops a model of an economy populated by networks of families with similar preferences (the same functional form of the felicity or utility function) but family members differ in their deep parameters (compulsion for consumption and risk tolerance), which, in turn, leads to some kind o heterogeneity among the families. In this context, the problem of felicity (utility) maximization of the average family in the network is solved. The optimal path of consumption is obtained for the average family and graphical comparative static exercises are performed. Finally, the economic welfare of the typical family in a network is calculated and comparative static experiments are carried out. This approach improves the understanding of the consumption decision making of families interacting in social networking services.
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Fußnoten
1
There is a vast literature of consumption decisions with heterogeneous preferences; see, for instance, [1, 2, 3, 7, 8, 11, 12, 15, 16].
 
2
Other models that use production functions of this type are found in García-Guerrero and Venegas-Martínez [4] and Venegas-Martínez [19]
 
3
Another paper that uses the negative exponential utility function in a utility maximization framework is [18]. Heterogeneous goods can be incorporated in the proposed modeling as in Perrotini-Hernández and Venegas-Martínez [13].
 
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Perrotini-Hernández, I., & Venegas-Martínez, F. (2011). Crecimiento endógeno con bienes heterogéneos: Un modelo de crecimiento no balanceado en los diferentes sectores de la economía. Panorama Económico, 6(12), 5–22.
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Venegas-Martínez, F. (1999). Crecimiento endógeno, dinero, impuestos y deuda externa. Investigación Económica, 59(22), 15–36.
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Metadaten
Titel
Optimal consumption decisions of family networks with similar felicity functions
verfasst von
Alfredo Omar Palafox-Roca
Román Rodríguez-Aguilar
Claudia Estrella Castillo-Ramírez
Francisco Venegas-Martínez
Publikationsdatum
24.06.2019
Verlag
Springer US
Erschienen in
Wireless Networks / Ausgabe 8/2020
Print ISSN: 1022-0038
Elektronische ISSN: 1572-8196
DOI
https://doi.org/10.1007/s11276-019-02063-x

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