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The Nobel Prize in Economic 1985，for his pioneering analyses of saving and of financial markets. 
Franco Modigliani and the Life Cycle Theory of Consumption
Franco Modigliani Life Cycle Theory Consumption
2014/3/17
In the early 1950s, Franco Modigliani and his student Richard Brumberg worked out a theory of spending based on the idea that people make intelligent choices about how much they want to spend at each ...