@misc{2315664,
  abstract     = {Duesenberry introduced the notion of a ratchet investor who does not tolerate any decline in her consumption rate. We connect the demand behavior of such an agent to the behavior of standard time-additive agents. A ratchet investor demands the running maximum of the optimal plan a conventional time-additive investor with lower initial wealth would choose.},
  author       = {Riedel, Frank},
  issn         = {0931-6558},
  language     = {English},
  number       = {394},
  publisher    = {Universit{\"a}t Bielefeld},
  title        = {Optimal consumption choice with intolerance for declining standard of living},
  year         = {2007},
}

TY  - GEN
ID  - 2315664
TI  - Optimal consumption choice with intolerance for declining standard of living
AU  - Riedel, Frank
PY  - 2007
AB  - Duesenberry introduced the notion of a ratchet investor who does not tolerate any decline in her consumption rate. We connect the demand behavior of such an agent to the behavior of standard time-additive agents. A ratchet investor demands the running maximum of the optimal plan a conventional time-additive investor with lower initial wealth would choose.
KW  - Intertemporal consumption choice
KW  - Habit formation
KW  - Non-time separable utility
IS  - 394
PB  - Universität Bielefeld
SN  - 0931-6558
U3  - PUB:ID 2315664
UR  - http://www.imw.uni-bielefeld.de/papers/files/imw-wp-394.pdf
UR  - http://nbn-resolving.de/urn:nbn:de:hbz:361-13664
ER  -