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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...
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Published in: | Journal of financial and quantitative analysis 1982-03, Vol.17 (1), p.1-14 |
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container_end_page | 14 |
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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 |
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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. 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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> |
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issn | 0022-1090 1756-6916 |
language | eng |
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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 |
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