Optimal consumption/investment policies
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Claus Munk
📂
Article
📅
2000
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Elsevier Science
🌐
English
⚖ 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