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2005-10-24Buch DOI: 10.18452/3660
Optimal Consumption Choice for Ratchet Investors
dc.contributor.authorRiedel, Frank
dc.date.accessioned2017-06-15T21:42:52Z
dc.date.available2017-06-15T21:42:52Z
dc.date.created2005-10-24
dc.date.issued2005-10-24
dc.identifier.issn1436-1086
dc.identifier.urihttp://edoc.hu-berlin.de/18452/4312
dc.description.abstractThe utility maximization problem of ’ratchet investors’ who do not tolerate any decline in their consumption rate is solved explicitly for all felicity functions in a Markovian framework which includes Brownian motion and Poisson processes as special cases. The optimal consumption plan turns out to be the running maximum of the optimal plan a conventional time–additive investor would choose.eng
dc.language.isoeng
dc.publisherHumboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät
dc.subjectIntertemporal Consumption Choiceeng
dc.subjectHabit Formationeng
dc.subjectNon-Time Separable Utilityeng
dc.subject.ddc330 Wirtschaft
dc.titleOptimal Consumption Choice for Ratchet Investors
dc.typebook
dc.identifier.urnurn:nbn:de:kobv:11-10051094
dc.identifier.doihttp://dx.doi.org/10.18452/3660
local.edoc.container-titleSonderforschungsbereich 373: Quantification and Simulation of Economic Processes
local.edoc.pages16
local.edoc.type-nameBuch
local.edoc.container-typeseries
local.edoc.container-type-nameSchriftenreihe
local.edoc.container-volume2001
local.edoc.container-issue92
local.edoc.container-year2001
local.edoc.container-erstkatid2135319-0

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