Optimal Consumption and Portfolio Rules: With Durability and Local Substitution (Classic Reprint) - Couverture souple

Ayman Hindy

9781332273270: Optimal Consumption and Portfolio Rules: With Durability and Local Substitution (Classic Reprint)

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ISBN 10 : 1332273270 ISBN 13 : 9781332273270

Editeur : Forgotten Books, 2019

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�diteur: Forgotten Books
Date d'�dition: 2019
Langue: anglais
ISBN 10: 1332273270
ISBN 13: 9781332273270
Reliure: Broch�
Nombre de pages: 50
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Optimal Consumption and Portfolio Rules: With Durability and Local Substitution

Ayman Hindy, Chi-Fu Huang

Edit� par Forgotten Books, 2018

ISBN 10 : 1332273270 ISBN 13 : 9781332273270

Neuf Paperback

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Vendeur : Forgotten Books, London, Royaume-Uni

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Paperback. Etat : New. Print on Demand. This book examines consumption and portfolio choice in scenarios involving durability and local substitution preferences. In contrast to neoclassical economics, the author introduces a model where goods possess an exponentially weighted moving average utility. This model captures scenarios where the preference for consumption at a given time is highly correlated with prior consumption patterns. Unlike neoclassical economics where typical recommendations are to delay consumption as long as possible, the author shows that in the presence of either durability or local substitution, the optimal consumption patterns may consist of periodic jumps followed by zero consumption for extended periods. In particular, the model finds that the presence of a durable good or the consumption patterns described by local substitution lead to lower equilibrium risk premiums, or a lower spread between the expected return on risky and riskless assets. The author further demonstrates that when measured over longer periods, the consumption of a durable good will exhibit characteristics and properties that are distinct from those of a perishable good. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. N� de r�f. du vendeur 9781332273270_0

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