If a person's inter-temporal utility function is given by $U \left( c _ { 1 } , c _ { 2 } \right) = \frac { c _ { 1 } ^ { \delta } } { \delta } + \frac { c _ { 2 } ^ { \delta } } { \delta } ; \delta \leq 1$ ,lower values for $\delta$ will:

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Lower values for inter-temporal elasticity of substitution (IES) make individuals more averse to consumption fluctuations, as it indicates a lower willingness to substitute consumption between different periods. This makes the individual prefer more stable consumption levels over time, reducing their willingness to tolerate fluctuations in consumption.

If a Person's Inter-Temporal Utility Function Is Given By U(c1,c2)=c1δδ+c2δδ;δ≤1U \left( c _ { 1 } , c _ { 2 } \right) = \frac { c _ { 1 } ^ { \delta } } { \delta } + \frac { c _ { 2 } ^ { \delta } } { \delta } ; \delta \leq 1U(c1​,c2​)=δc1δ​​+δc2δ​​;δ≤1

If a Person's Inter-Temporal Utility Function Is Given By $U \left( c _ { 1 } , c _ { 2 } \right) = \frac { c _ { 1 } ^ { \delta } } { \delta } + \frac { c _ { 2 } ^ { \delta } } { \delta } ; \delta \leq 1$