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• Title : Optimal Consumption and Investment with Bankruptcy
• Author : Suresh P. Sethi
• Rating : 4.71 (986 Vote)
• Publish : 2014-2-20
• Format : Paperback
• Pages : 428 Pages
• Asin : 1461378710
• Language : English

This book presents papers on continuous-time consumption­ investment models by Suresh Sethi and various co-authors. Sir Isaac Newton said that he saw so far because he stood on the shoulders of gi­ ants. In particular, Merton's solution for aHARA utility-of-consumption is correct for some parameter values and not for others. KLSS find that un­ der some conditi

This book presents papers on continuous-time consumption­ investment models by Suresh Sethi and various co-authors. Sir Isaac Newton said that he saw so far because he stood on the shoulders of gi­ ants. In particular, Merton's solution for aHARA utility-of-consumption is correct for some parameter values and not for others. KLSS find that un­ der some conditions Merton's solution is correct; under others, it is not. Giants upon whose shoulders Professor Sethi and colleagues stand are Robert Merton, particularly Merton's (1969, 1971, 1973) seminal papers, and Paul Samuelson, particularly Samuelson (1969). Problems with Merton's solution are analyzed in Sethi and Taksar (1992), reproduced here as Chapter 3.. Karatzas, Lehoczky, Sethi and Shreve (1986), henceforth KLSS, re­ produced here as Chapter 2, reexamine the model proposed by Mer­ ton. This not only affects the solution at the zero-wealth, zero-consumption boundaries, but else&s

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