Optimal consumption for recursive preferences with local substitution - the case of certainty
Li H, Riedel F, Yang S (2024)
Elsevier Journal of Mathematical Economics 110: 102932.
Zeitschriftenaufsatz
| Veröffentlicht | Englisch
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Autor*in
Li, Hanwu;
Riedel, FrankUniBi;
Yang, Shuzhen
Einrichtung
Abstract / Bemerkung
We characterize optimal consumption policies in a recursive intertemporal utility framework with local substitution. We establish existence, uniqueness, and a version of the Kuhn-Tucker theorem. The structure of optimal consumption plans is described explicitly for a large class of aggregators. For Epstein-Zin preferences, the solution coincides with the solution of the corresponding time-additive preferences.
Stichworte
Recursive utility;
Hindy-Huang-Kreps preference;
Intertemporal;
substitution;
Utility maximization
Erscheinungsjahr
2024
Zeitschriftentitel
Elsevier Journal of Mathematical Economics
Band
110
Art.-Nr.
102932
ISSN
0304-4068
eISSN
1873-1538
Page URI
https://pub.uni-bielefeld.de/record/2985925
Zitieren
Li H, Riedel F, Yang S. Optimal consumption for recursive preferences with local substitution - the case of certainty. Elsevier Journal of Mathematical Economics. 2024;110: 102932.
Li, H., Riedel, F., & Yang, S. (2024). Optimal consumption for recursive preferences with local substitution - the case of certainty. Elsevier Journal of Mathematical Economics, 110, 102932. https://doi.org/10.1016/j.jmateco.2023.102932
Li, Hanwu, Riedel, Frank, and Yang, Shuzhen. 2024. “Optimal consumption for recursive preferences with local substitution - the case of certainty”. Elsevier Journal of Mathematical Economics 110: 102932.
Li, H., Riedel, F., and Yang, S. (2024). Optimal consumption for recursive preferences with local substitution - the case of certainty. Elsevier Journal of Mathematical Economics 110:102932.
Li, H., Riedel, F., & Yang, S., 2024. Optimal consumption for recursive preferences with local substitution - the case of certainty. Elsevier Journal of Mathematical Economics, 110: 102932.
H. Li, F. Riedel, and S. Yang, “Optimal consumption for recursive preferences with local substitution - the case of certainty”, Elsevier Journal of Mathematical Economics, vol. 110, 2024, : 102932.
Li, H., Riedel, F., Yang, S.: Optimal consumption for recursive preferences with local substitution - the case of certainty. Elsevier Journal of Mathematical Economics. 110, : 102932 (2024).
Li, Hanwu, Riedel, Frank, and Yang, Shuzhen. “Optimal consumption for recursive preferences with local substitution - the case of certainty”. Elsevier Journal of Mathematical Economics 110 (2024): 102932.
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