Optimal consumption choice with intolerance for declining standard of living

Riedel F (2007) Working Papers. Institute of Mathematical Economics; 394.
Bielefeld: Universität Bielefeld.

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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.
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Riedel F. Optimal consumption choice with intolerance for declining standard of living. Working Papers. Institute of Mathematical Economics. Vol 394. Bielefeld: Universität Bielefeld; 2007.
Riedel, F. (2007). Optimal consumption choice with intolerance for declining standard of living (Working Papers. Institute of Mathematical Economics, 394). Bielefeld: Universität Bielefeld.
Riedel, F. (2007). Optimal consumption choice with intolerance for declining standard of living. Working Papers. Institute of Mathematical Economics, 394, Bielefeld: Universität Bielefeld.
Riedel, F., 2007. Optimal consumption choice with intolerance for declining standard of living, Working Papers. Institute of Mathematical Economics, no.394, Bielefeld: Universität Bielefeld.
F. Riedel, Optimal consumption choice with intolerance for declining standard of living, Working Papers. Institute of Mathematical Economics, vol. 394, Bielefeld: Universität Bielefeld, 2007.
Riedel, F.: Optimal consumption choice with intolerance for declining standard of living. Working Papers. Institute of Mathematical Economics, 394. Universität Bielefeld, Bielefeld (2007).
Riedel, Frank. Optimal consumption choice with intolerance for declining standard of living. Bielefeld: Universität Bielefeld, 2007. Working Papers. Institute of Mathematical Economics. 394.
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