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This paper analyzes popular time-nonseparable utility functions that describe"habit formation" consumer preferences comparing current consumption with thetime averaged past consumption of the same individual and "catching up with theJoneses" (CuJ) models comparing individual consumption with a cross-sectionalaverage consumption level.  Few of these models give reasonable optimum consumption time series. Weintroduce theoretically justified utility specifications leading to a plausibleconsumption behavior to show that habit formation preferences must be describedby a power CRRA utility function different from the exponential CARA used forCuJ.

Utility Function and Optimum Consumption in the models with Habit Formation and Catching up with the Joneses