The Left-Hand Side of the Euler Equation $$\left( c _ { \text {future } } / c _ { \text {today } } \right) = \beta ( 1 + R )$$

Multiple Choice

The left-hand side of the Euler equation, $$\left( c _ { \text {future } } / c _ { \text {today } } \right) = \beta ( 1 + R )$$ , represents the:

A) growth rate of income
B) total lifetime consumption, in dollars
C) lifetime utility function
D) discount factor
E) growth rate of consumption