Titlebook: Optimal Consumption and Investment with Bankruptcy; Suresh P. Sethi Book 1997 Springer Science+Business Media New York 1997 Distribution.I

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Explicit Solution of a General Consumption/ Investment Problemunction is determined explicitly, as are the optimal consumption and investment policies. The analysis is extended to consider more general risky investments. Under certain conditions, the value functions derived for geometric Brownian motion are shown to provide upper and lower bounds on the value functions in the more general context.

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A Contribution to the Micro Foundation for Keynesian Macroeconomic Modelsonomic considerations to rule out those solutions which would seem to have little relevance for the macro behavior of consumption and investment. The most important feature of the remaining solutions is that the fraction of net worth consumed and the fraction invested in a risky portfolio both decline as net worth increases.

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Book 1997so far because he stood on the shoulders of gi­ ants. 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). Karatzas, Lehoczky, Sethi and Shreve (1986), hencefort

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Consumption-Investment Problem with Subsistence Consumption, Bankruptcy, and Random Market Coefficieients and finite horizon version of the problem treated by Sethi, Taksar and Presman (1992). The mathematical tools used in our analysis are optimal stopping, stochastic control, martingale theory, and Girsanov change of measure.

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M. I. Taksarng a comparison of their results is the diversity of theoretical constructs associated with physical and especially mental health and, above all, an apparently inexhaustible variety of op­ erationalizations of these constructs. It is significant that the six conclusions drawn from the present state

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E. L. Presmanthe end of the 1950, involved an initially high but rapidly decreasing rate of unemployment. The second, which reached into the early 1970s brought — due to high rates of economic growth and a declining potential of the labor force — almost permanent full employment, the only interruption being the