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Consumption, liquidity constraints and economic development

โœ Scribed by Geetha Vaidyanathan


Book ID
113248194
Publisher
Elsevier Science
Year
1993
Tongue
English
Weight
991 KB
Volume
15
Category
Article
ISSN
0164-0704

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Optimal consumption/investment policies
โœ Claus Munk ๐Ÿ“‚ Article ๐Ÿ“… 2000 ๐Ÿ› Elsevier Science ๐ŸŒ English โš– 606 KB

This paper examines the continuous time optimal consumption and portfolio choice of an investor having an initial wealth endowment and an uncertain stream of income from non-traded assets. The income stream is not spanned by traded assets and the investor is not allowed to borrow against future inco