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Anglický jazyk
Hindy, A: Optimal Consumption and Portfolio Rules With Durab
Excerpt from Optimal Consumption and Portfolio Rules With Durability and Habit Formation
We entertain three different economic ideas in three different interpretations of the model specified in and In one interpretation, preferences given by (1) exhibit...
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Excerpt from Optimal Consumption and Portfolio Rules With Durability and Habit Formation
We entertain three different economic ideas in three different interpretations of the model specified in and In one interpretation, preferences given by (1) exhibit the notions of local substitution and habit formation. Agents with such preferences treat consumptions at adjacent dates as close substitutes and consumptions at distant dates as complements. In a second interpretation, the model represents habit forming preferences over the service ¿ows from irreversible purchases of a durable good that decays over time. In the third interpretation, the model represents preferences for consumption of a dual purpose commodity that provides the agent with two sources of utility. The two components of such a composite good, however, have different half - lives.
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- Vydavateľstvo: Forgotten Books
- Formát: Paperback
- Jazyk: Anglický jazyk
- ISBN: 9781333154707
