Open Access
Table 4
States s ∈ and consumption behavior, coding Z
i,t
– see equation (4).
State | Event | Trajectory ending X t−1 and X t |
---|---|---|
11 | X t < X t−1 < min{X t−2, X t−3} | Decreasing |
13 | X t−1 ≤ X t < X t−2 & X t−1 < X t−3 | Increasing/maintenance |
14 | X t−1 < X t−2 ≤ X t & X t−1 < X t−3 | Increasing |
21 | X t < X t−1 < X t−2 & X t−3 ≤ X t−1 | Decreasing |
23 | X t−3 ≤ X t−1 ≤ X t < X t−2 | Increasing/maintenance |
24 | X t−3 ≤ X t−1 < X t−2 ≤ X t | Increasing |
31 | X t < X t−2 ≤ X t−1 ≤ X t−3 | Decreasing |
32 | X t−2 ≤ X t < X t−1 < X t−3 | Decreasing |
34 | X t−2 ≤ X t−1 ≤ X t & X t−1 < X t−3 | Increasing/maintenance |
41 | X t < X t−2 ≤ X t−1 & X t−3 ≤ X t−1 | Decreasing |
42 | X t−2 ≤ X t < X t−1 & X t−3 ≤ X t−1 | Decreasing |
44 | X t ≥ X t−1 ≥ max{X t−2, X t−3} | Increasing/maintenance |