Loading…

Optimal Consumption and Portfolio Strategies in a Discrete-Time Model with Summary-Dependent Preferences

This paper investigates optimal consumption and portfolio mixture for a new discrete-time, discrete-state preference model. In this model, the investor's preferences for future consumption depend on current wealth and on past consumption experience through a summary descriptor of past consumpti...

Full description

Saved in:
Bibliographic Details
Published in:Journal of financial and quantitative analysis 1982-03, Vol.17 (1), p.1-14
Main Authors: Bodily, Samuel E., White, Chelsea C.
Format: Article
Language:English
Subjects:
Citations: Items that cite this one
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
cited_by cdi_FETCH-LOGICAL-c384t-32c33e72abd72c1689fd749a892320f1d0d184fcab0f3c6d69a5ce6a568814263
cites
container_end_page 14
container_issue 1
container_start_page 1
container_title Journal of financial and quantitative analysis
container_volume 17
creator Bodily, Samuel E.
White, Chelsea C.
description This paper investigates optimal consumption and portfolio mixture for a new discrete-time, discrete-state preference model. In this model, the investor's preferences for future consumption depend on current wealth and on past consumption experience through a summary descriptor of past consumption. Relations between the optimal consumption/investment decisions and the wealth and summary descriptor states are found.
doi_str_mv 10.2307/2330925
format article
fullrecord <record><control><sourceid>jstor_proqu</sourceid><recordid>TN_cdi_proquest_journals_211903122</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><cupid>10_2307_2330925</cupid><jstor_id>2330925</jstor_id><sourcerecordid>2330925</sourcerecordid><originalsourceid>FETCH-LOGICAL-c384t-32c33e72abd72c1689fd749a892320f1d0d184fcab0f3c6d69a5ce6a568814263</originalsourceid><addsrcrecordid>eNp9kE9LAzEQxYMoWKv4FYII4mE1f7rZ3aO0WkWlldZzSJPZNrW7qUkW9du7pUXBg6dhZn6893gInVJyxTjJrhnnpGDpHurQLBWJKKjYRx1CGEsoKcghOgphScjmQDpoMVpHW6kV7rs6NFW7uBqr2uCx87F0K-vwJHoVYW4hYNv-8MAG7SFCMrUV4GdnYIU_bFzgSVNVyn8lA1hDbaCOeOyhBA-1hnCMDkq1CnCym130enc77d8nT6PhQ__mKdE878WEM805ZEzNTMY0FXlRmqxXqLxgnJGSGmJo3iu1mpGSa2FEoVINQqUiz2mPCd5FZ1vdtXfvDYQol67xdWspGaUF4ZSxFrrYQtq7ENqQcu3tJrukRG5alLsWW_J8Sy5DdP4fLNliNkT4_MGUf5Mi41kqxfBFts45J3wiH1v-chdAVTNvzRx-Y_7V_gb1Wor1</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>211903122</pqid></control><display><type>article</type><title>Optimal Consumption and Portfolio Strategies in a Discrete-Time Model with Summary-Dependent Preferences</title><source>EBSCOhost Business Source Ultimate</source><source>International Bibliography of the Social Sciences (IBSS)</source><source>EBSCOhost Econlit with Full Text</source><source>JSTOR Archival Journals and Primary Sources Collection</source><source>Cambridge University Press:JISC Collections:Full Collection Digital Archives (STM and HSS) (218 titles)</source><creator>Bodily, Samuel E. ; White, Chelsea C.</creator><creatorcontrib>Bodily, Samuel E. ; White, Chelsea C.</creatorcontrib><description>This paper investigates optimal consumption and portfolio mixture for a new discrete-time, discrete-state preference model. In this model, the investor's preferences for future consumption depend on current wealth and on past consumption experience through a summary descriptor of past consumption. Relations between the optimal consumption/investment decisions and the wealth and summary descriptor states are found.</description><identifier>ISSN: 0022-1090</identifier><identifier>EISSN: 1756-6916</identifier><identifier>DOI: 10.2307/2330925</identifier><identifier>CODEN: JFQAAC</identifier><language>eng</language><publisher>New York, USA: Cambridge University Press</publisher><subject>Consumption ; Decision making models ; Endowments ; Expected utility ; Financial portfolios ; Investment ; Investment decisions ; Investment risk ; Investment spending ; Investors ; Optimal consumption ; Portfolio investments ; Portfolio management ; Utility functions</subject><ispartof>Journal of financial and quantitative analysis, 1982-03, Vol.17 (1), p.1-14</ispartof><rights>Copyright © School of Business Administration, University of Washington 1982</rights><rights>Copyright 1982 Graduate School of Business Administration, University of Washington</rights><rights>Copyright University of Washington Mar 1982</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c384t-32c33e72abd72c1689fd749a892320f1d0d184fcab0f3c6d69a5ce6a568814263</citedby></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.jstor.org/stable/pdf/2330925$$EPDF$$P50$$Gjstor$$H</linktopdf><linktohtml>$$Uhttps://www.cambridge.org/core/product/identifier/S0022109000010097/type/journal_article$$EHTML$$P50$$Gcambridge$$H</linktohtml><link.rule.ids>314,778,782,27911,27912,33210,55676,58225,58458</link.rule.ids></links><search><creatorcontrib>Bodily, Samuel E.</creatorcontrib><creatorcontrib>White, Chelsea C.</creatorcontrib><title>Optimal Consumption and Portfolio Strategies in a Discrete-Time Model with Summary-Dependent Preferences</title><title>Journal of financial and quantitative analysis</title><addtitle>J. Financ. Quant. Anal</addtitle><description>This paper investigates optimal consumption and portfolio mixture for a new discrete-time, discrete-state preference model. In this model, the investor's preferences for future consumption depend on current wealth and on past consumption experience through a summary descriptor of past consumption. Relations between the optimal consumption/investment decisions and the wealth and summary descriptor states are found.</description><subject>Consumption</subject><subject>Decision making models</subject><subject>Endowments</subject><subject>Expected utility</subject><subject>Financial portfolios</subject><subject>Investment</subject><subject>Investment decisions</subject><subject>Investment risk</subject><subject>Investment spending</subject><subject>Investors</subject><subject>Optimal consumption</subject><subject>Portfolio investments</subject><subject>Portfolio management</subject><subject>Utility functions</subject><issn>0022-1090</issn><issn>1756-6916</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>1982</creationdate><recordtype>article</recordtype><sourceid>8BJ</sourceid><recordid>eNp9kE9LAzEQxYMoWKv4FYII4mE1f7rZ3aO0WkWlldZzSJPZNrW7qUkW9du7pUXBg6dhZn6893gInVJyxTjJrhnnpGDpHurQLBWJKKjYRx1CGEsoKcghOgphScjmQDpoMVpHW6kV7rs6NFW7uBqr2uCx87F0K-vwJHoVYW4hYNv-8MAG7SFCMrUV4GdnYIU_bFzgSVNVyn8lA1hDbaCOeOyhBA-1hnCMDkq1CnCym130enc77d8nT6PhQ__mKdE878WEM805ZEzNTMY0FXlRmqxXqLxgnJGSGmJo3iu1mpGSa2FEoVINQqUiz2mPCd5FZ1vdtXfvDYQol67xdWspGaUF4ZSxFrrYQtq7ENqQcu3tJrukRG5alLsWW_J8Sy5DdP4fLNliNkT4_MGUf5Mi41kqxfBFts45J3wiH1v-chdAVTNvzRx-Y_7V_gb1Wor1</recordid><startdate>19820301</startdate><enddate>19820301</enddate><creator>Bodily, Samuel E.</creator><creator>White, Chelsea C.</creator><general>Cambridge University Press</general><general>University of Washington Graduate School of Business Administration and the Western Finance Association</general><scope>BSCLL</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>19820301</creationdate><title>Optimal Consumption and Portfolio Strategies in a Discrete-Time Model with Summary-Dependent Preferences</title><author>Bodily, Samuel E. ; White, Chelsea C.</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c384t-32c33e72abd72c1689fd749a892320f1d0d184fcab0f3c6d69a5ce6a568814263</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>1982</creationdate><topic>Consumption</topic><topic>Decision making models</topic><topic>Endowments</topic><topic>Expected utility</topic><topic>Financial portfolios</topic><topic>Investment</topic><topic>Investment decisions</topic><topic>Investment risk</topic><topic>Investment spending</topic><topic>Investors</topic><topic>Optimal consumption</topic><topic>Portfolio investments</topic><topic>Portfolio management</topic><topic>Utility functions</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Bodily, Samuel E.</creatorcontrib><creatorcontrib>White, Chelsea C.</creatorcontrib><collection>Istex</collection><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Journal of financial and quantitative analysis</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Bodily, Samuel E.</au><au>White, Chelsea C.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Optimal Consumption and Portfolio Strategies in a Discrete-Time Model with Summary-Dependent Preferences</atitle><jtitle>Journal of financial and quantitative analysis</jtitle><addtitle>J. Financ. Quant. Anal</addtitle><date>1982-03-01</date><risdate>1982</risdate><volume>17</volume><issue>1</issue><spage>1</spage><epage>14</epage><pages>1-14</pages><issn>0022-1090</issn><eissn>1756-6916</eissn><coden>JFQAAC</coden><abstract>This paper investigates optimal consumption and portfolio mixture for a new discrete-time, discrete-state preference model. In this model, the investor's preferences for future consumption depend on current wealth and on past consumption experience through a summary descriptor of past consumption. Relations between the optimal consumption/investment decisions and the wealth and summary descriptor states are found.</abstract><cop>New York, USA</cop><pub>Cambridge University Press</pub><doi>10.2307/2330925</doi><tpages>14</tpages></addata></record>
fulltext fulltext
identifier ISSN: 0022-1090
ispartof Journal of financial and quantitative analysis, 1982-03, Vol.17 (1), p.1-14
issn 0022-1090
1756-6916
language eng
recordid cdi_proquest_journals_211903122
source EBSCOhost Business Source Ultimate; International Bibliography of the Social Sciences (IBSS); EBSCOhost Econlit with Full Text; JSTOR Archival Journals and Primary Sources Collection; Cambridge University Press:JISC Collections:Full Collection Digital Archives (STM and HSS) (218 titles)
subjects Consumption
Decision making models
Endowments
Expected utility
Financial portfolios
Investment
Investment decisions
Investment risk
Investment spending
Investors
Optimal consumption
Portfolio investments
Portfolio management
Utility functions
title Optimal Consumption and Portfolio Strategies in a Discrete-Time Model with Summary-Dependent Preferences
url http://sfxeu10.hosted.exlibrisgroup.com/loughborough?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-15T12%3A50%3A18IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-jstor_proqu&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Optimal%20Consumption%20and%20Portfolio%20Strategies%20in%20a%20Discrete-Time%20Model%20with%20Summary-Dependent%20Preferences&rft.jtitle=Journal%20of%20financial%20and%20quantitative%20analysis&rft.au=Bodily,%20Samuel%20E.&rft.date=1982-03-01&rft.volume=17&rft.issue=1&rft.spage=1&rft.epage=14&rft.pages=1-14&rft.issn=0022-1090&rft.eissn=1756-6916&rft.coden=JFQAAC&rft_id=info:doi/10.2307/2330925&rft_dat=%3Cjstor_proqu%3E2330925%3C/jstor_proqu%3E%3Cgrp_id%3Ecdi_FETCH-LOGICAL-c384t-32c33e72abd72c1689fd749a892320f1d0d184fcab0f3c6d69a5ce6a568814263%3C/grp_id%3E%3Coa%3E%3C/oa%3E%3Curl%3E%3C/url%3E&rft_id=info:oai/&rft_pqid=211903122&rft_id=info:pmid/&rft_cupid=10_2307_2330925&rft_jstor_id=2330925&rfr_iscdi=true