Heterogeneous Discounting in Consumption-Investment Problems: Time-Consistent Solutions
نویسندگان
چکیده
منابع مشابه
Consumption, investment and life insurance strategies with heterogeneous discounting
In this paper we analyze how the optimal consumption, investment and life insurance rules are modified by the introduction of a class of time-inconsistent preferences. In particular, we account for the fact that an agent’s preferences evolve along the planning horizon according to her increasing concern about the bequest left to her descendants and about her welfare at retirement. To this end, ...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2011
ISSN: 1556-5068
DOI: 10.2139/ssrn.1953544