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Optimal Consumption and Portfolio Strategies in a Discrete-Time Model with Summary-Dependent Preferences
Published online by Cambridge University Press: 06 April 2009
Extract
This paper investigates optimal consumption and portfolio mixture for a new discrete-time, discrete-state preference model. In this model, the investor's preferences for future consumption depend on current wealth and on past consumption experience through a summary descriptor of past consumption. Relations between the optimal consumption/investment decisions and the wealth and summary descriptor states are found.
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- Research Article
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- Copyright © School of Business Administration, University of Washington 1982
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