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

Samuel E. Bodily and Chelsea C. White

Journal of Financial and Quantitative Analysis, 1982, vol. 17, issue 1, 1-14

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.

Date: 1982
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jfinqa:v:17:y:1982:i:01:p:1-14_01

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