The random walk model of consumption was introduced by economist Robert Hall.[1] This model uses the Euler numerical method to model consumption. He created his consumption theory in response to the Lucas critique. Using Euler equations to model the random walk of consumption has become the dominant approach to modeling consumption.[2]
^Cite error: The named reference :1 was invoked but never defined (see the help page).
^Chao, Hsiang-Ke (2007). "A Structure of the Consumption Function". Journal of Economic Methodology. 14 (2): 227–248. doi:10.1080/13501780701394102.
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