Optimal Consumption for Recursive Preferences with Local Substitution - the Case of Certainty
Li H, Riedel F, Yang S (2022) Center for Mathematical Economics Working Papers; 670.
Bielefeld: Center for Mathematical Economics.
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| Veröffentlicht | Englisch
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Abstract / Bemerkung
We characterize optimal consumption policies in a recursive intertemporal utility framework
with local substitution. We establish existence and uniqueness and a version of the Kuhn-Tucker
theorem characterizing the optimal consumption plan. An explicit solution is provided for the
case when the felicity function is of the Epstein-Zin’s type.
MSC classification: 93E20, 91B42, 60H30, 65C30
MSC classification: 93E20, 91B42, 60H30, 65C30
Stichworte
Recursive utility;
Hindy-Huang-Kreps preference;
Intertemporal Substitution;
Utility maximization
Erscheinungsjahr
2022
Serientitel
Center for Mathematical Economics Working Papers
Band
670
Seite(n)
20
Urheberrecht / Lizenzen
ISSN
0931-6558
Page URI
https://pub.uni-bielefeld.de/record/2967056
Zitieren
Li H, Riedel F, Yang S. Optimal Consumption for Recursive Preferences with Local Substitution - the Case of Certainty. Center for Mathematical Economics Working Papers. Vol 670. Bielefeld: Center for Mathematical Economics; 2022.
Li, H., Riedel, F., & Yang, S. (2022). Optimal Consumption for Recursive Preferences with Local Substitution - the Case of Certainty (Center for Mathematical Economics Working Papers, 670). Bielefeld: Center for Mathematical Economics.
Li, Hanwu, Riedel, Frank, and Yang, Shuzhen. 2022. Optimal Consumption for Recursive Preferences with Local Substitution - the Case of Certainty. Vol. 670. Center for Mathematical Economics Working Papers. Bielefeld: Center for Mathematical Economics.
Li, H., Riedel, F., and Yang, S. (2022). Optimal Consumption for Recursive Preferences with Local Substitution - the Case of Certainty. Center for Mathematical Economics Working Papers, 670, Bielefeld: Center for Mathematical Economics.
Li, H., Riedel, F., & Yang, S., 2022. Optimal Consumption for Recursive Preferences with Local Substitution - the Case of Certainty, Center for Mathematical Economics Working Papers, no.670, Bielefeld: Center for Mathematical Economics.
H. Li, F. Riedel, and S. Yang, Optimal Consumption for Recursive Preferences with Local Substitution - the Case of Certainty, Center for Mathematical Economics Working Papers, vol. 670, Bielefeld: Center for Mathematical Economics, 2022.
Li, H., Riedel, F., Yang, S.: Optimal Consumption for Recursive Preferences with Local Substitution - the Case of Certainty. Center for Mathematical Economics Working Papers, 670. Center for Mathematical Economics, Bielefeld (2022).
Li, Hanwu, Riedel, Frank, and Yang, Shuzhen. Optimal Consumption for Recursive Preferences with Local Substitution - the Case of Certainty. Bielefeld: Center for Mathematical Economics, 2022. Center for Mathematical Economics Working Papers. 670.
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2022-11-16T15:45:15Z
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