{"entities":{"Q1575404":{"pageid":1586144,"ns":120,"title":"Item:Q1575404","lastrevid":47027622,"modified":"2025-12-26T01:59:40Z","type":"item","id":"Q1575404","labels":{"en":{"language":"en","value":"Optimal consumption/investment policies with undiversifiable income risk and liquidity constraints"}},"descriptions":{"en":{"language":"en","value":"scientific article; zbMATH DE number 1493282"}},"aliases":{},"claims":{"P31":[{"mainsnak":{"snaktype":"value","property":"P31","hash":"fd5912e4dab4b881a8eb0eb27e7893fef55176ad","datavalue":{"value":{"entity-type":"item","numeric-id":56887,"id":"Q56887"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q1575404$055F5E4B-2C4A-476A-A79F-B0178E068373","rank":"normal"}],"P159":[{"mainsnak":{"snaktype":"value","property":"P159","hash":"4fb09d8928ef604dc5020b36afe8145647e75266","datavalue":{"value":{"text":"Optimal consumption/investment policies with undiversifiable income risk and liquidity constraints","language":"en"},"type":"monolingualtext"},"datatype":"monolingualtext"},"type":"statement","id":"Q1575404$569476F5-E018-4DCF-A7A9-983A97D963F2","rank":"normal"}],"P225":[{"mainsnak":{"snaktype":"value","property":"P225","hash":"336e3ac322f2ba3629f3d534fa0f7985942c61ea","datavalue":{"value":"0951.90052","type":"string"},"datatype":"external-id"},"type":"statement","id":"Q1575404$A184D764-C5BB-4762-96F3-3E38F8E7F470","rank":"normal"}],"P27":[{"mainsnak":{"snaktype":"value","property":"P27","hash":"ff0a140b74b1e04b085c12754631cb555c3656a1","datavalue":{"value":"10.1016/S0165-1889(99)00019-6","type":"string"},"datatype":"external-id"},"type":"statement","id":"Q1575404$E47DCB34-CEE6-4712-A491-A65BF73BE872","rank":"normal"}],"P16":[{"mainsnak":{"snaktype":"value","property":"P16","hash":"68394fd7e8a253e114d6399606d47416a190b2d2","datavalue":{"value":{"entity-type":"item","numeric-id":1511313,"id":"Q1511313"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q1575404$08B27B85-8092-412F-905B-4999D9B596E9","rank":"normal"}],"P28":[{"mainsnak":{"snaktype":"value","property":"P28","hash":"b3a497233c3b9babc42d370358782cbff338a7a1","datavalue":{"value":{"time":"+2000-08-21T00:00:00Z","timezone":0,"before":0,"after":0,"precision":11,"calendarmodel":"http://www.wikidata.org/entity/Q1985727"},"type":"time"},"datatype":"time"},"type":"statement","id":"Q1575404$86C77FA7-D286-4A4C-82C1-B91E596D1D8E","rank":"normal"}],"P1448":[{"mainsnak":{"snaktype":"value","property":"P1448","hash":"8f42c5c1db0f3a84eeb633760a29a70c0bc86634","datavalue":{"value":"This paper examines the continuous time optimal consumption and portfolio choice of an investor having an initial wealth endowment and an uncertain stream of income from non-traded assets. The income stream is not spanned by traded assets and the investor is not allowed to borrow against future income, so the financial market is incomplete. We solve the corresponding stochastic control problem numerically with the Markov chain approximation method, prove convergence of the method, and study the optimal policies. In particular, we find that the implicit value the agent attaches to an uncertain income stream typically is much smaller in this incomplete market than it is in the otherwise identical complete market. Our results suggest that this is mainly due to the presence of liquidity constraints.","type":"string"},"datatype":"string"},"type":"statement","id":"Q1575404$18959E75-D6A5-4847-A4F7-767880282301","rank":"normal"}],"P226":[{"mainsnak":{"snaktype":"value","property":"P226","hash":"377d3ab03372cff12915e0de0374438ff70c3716","datavalue":{"value":"90C40","type":"string"},"datatype":"external-id"},"type":"statement","id":"Q1575404$FDA148BF-5F9D-4280-BB52-5202E244B45F","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P226","hash":"4ab83e4aad0d91ff4fa3028b5f306edce46af30b","datavalue":{"value":"91B70","type":"string"},"datatype":"external-id"},"type":"statement","id":"Q1575404$E45161C0-B196-4B5B-BE08-88E189CAED80","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P226","hash":"7f918b855cc4e1ef3c50dee94916276dca231342","datavalue":{"value":"91G10","type":"string"},"datatype":"external-id"},"type":"statement","id":"Q1575404$F3B986DE-1A29-46A3-944F-E013D4A51523","rank":"normal"}],"P1451":[{"mainsnak":{"snaktype":"value","property":"P1451","hash":"da1fdbbe75ed5a3890cf9aebca84e92b563a6dcd","datavalue":{"value":"1493282","type":"string"},"datatype":"external-id"},"type":"statement","id":"Q1575404$918B9DDF-C6A2-4273-9D91-E377A4FA39A5","rank":"normal"}],"P1450":[{"mainsnak":{"snaktype":"value","property":"P1450","hash":"96ef1e685186bd5faa1d35db870f21170f2cf3be","datavalue":{"value":"optimal consumption","type":"string"},"datatype":"string"},"type":"statement","id":"Q1575404$37325BD8-719D-40DE-A8D7-A2ED6C093A9B","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P1450","hash":"cef757a539cca36a20916d009b8c802416c0cf41","datavalue":{"value":"portfolio choice","type":"string"},"datatype":"string"},"type":"statement","id":"Q1575404$B661D80A-B724-4EC2-8930-F74BCDBBEE50","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P1450","hash":"1ee54e5bd1713a46e73fadcc98fa247cff0de230","datavalue":{"value":"stochastic control problem","type":"string"},"datatype":"string"},"type":"statement","id":"Q1575404$43A87E02-C340-4843-AE1E-75DA10329F77","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P1450","hash":"6ed988935f15027117a483bc5b4490cf1d6b9028","datavalue":{"value":"Markov chain approximation method","type":"string"},"datatype":"string"},"type":"statement","id":"Q1575404$FF901F63-0DA7-4FA6-A91E-77FCBD799642","rank":"normal"}],"P1460":[{"mainsnak":{"snaktype":"value","property":"P1460","hash":"57f7fea50d2ce1b39b695c4a1313582eed405e38","datavalue":{"value":{"entity-type":"item","numeric-id":5976449,"id":"Q5976449"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q1575404$4CF7BA54-5505-4905-AD19-CA2C2890DB49","rank":"normal"}],"P223":[{"mainsnak":{"snaktype":"value","property":"P223","hash":"190d8f728665edd8eece0041a4ecfd293dbcafdb","datavalue":{"value":{"entity-type":"item","numeric-id":1124508,"id":"Q1124508"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q1575404$A6FB64F6-FF45-41A6-9336-A8D0D66C6C01","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"ac57c7c4e591a08ec8d633b47f39a8a9229b2a0a","datavalue":{"value":{"entity-type":"item","numeric-id":1363524,"id":"Q1363524"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q1575404$F5541621-CF7D-4888-BFAD-C7E12C491A0B","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"b8625592725279b71385d06ce871f17be5adc1b7","datavalue":{"value":{"entity-type":"item","numeric-id":5749130,"id":"Q5749130"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q1575404$2E461840-8451-4459-8A6D-A8D763737D3A","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"aef660ca3b4dcaec0f92fbbb84554856e53ec1ce","datavalue":{"value":{"entity-type":"item","numeric-id":1391763,"id":"Q1391763"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q1575404$0CE35017-5E15-48CF-A14C-E57911393D00","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"b3a8cb53973730e418583fd0fad79d4e1b062bc8","datavalue":{"value":{"entity-type":"item","numeric-id":4372005,"id":"Q4372005"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q1575404$B2C80AB9-EF85-4375-A811-25113F8AB0D7","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"c1bea36584c3729381edee900a6b2651a253373e","datavalue":{"value":{"entity-type":"item","numeric-id":3989819,"id":"Q3989819"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q1575404$6EC8D966-D0A5-42E9-8277-96FE562141CB","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"d50cbe71062cd308a7826656cb05e8fe3968d34c","datavalue":{"value":{"entity-type":"item","numeric-id":4032143,"id":"Q4032143"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q1575404$C45E7D13-AFFC-4C0F-8CDD-76CEB3E14EB9","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"0afab50711964e4db8d62affa806aa6df176d983","datavalue":{"value":{"entity-type":"item","numeric-id":1341465,"id":"Q1341465"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q1575404$A6E4788E-F1D6-4F51-88D9-07C19B551684","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"cca67028cb11e35cf0b40f47669286ab35361000","datavalue":{"value":{"entity-type":"item","numeric-id":4233508,"id":"Q4233508"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q1575404$B5121E1A-FC01-433D-9985-A1528CCF11E4","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"57480efb15a028da0b96f297aeaa6f1176b3f186","datavalue":{"value":{"entity-type":"item","numeric-id":673248,"id":"Q673248"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q1575404$2E6C0263-412F-4BEB-9DA1-C49FB2F6369F","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"f939daa7e03f39946bb494376602da869fcacdad","datavalue":{"value":{"entity-type":"item","numeric-id":4213032,"id":"Q4213032"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q1575404$72670ED1-97AC-40C1-AD86-8D4E111713D5","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"df17ca23ab5e863f09f1ec35db740e2d4bf8d7b4","datavalue":{"value":{"entity-type":"item","numeric-id":5753867,"id":"Q5753867"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q1575404$FEC71769-AD48-4833-A6B0-13ABE234A3B1","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"0123288b8801e8f87e47c1b2dd2098a55e322b5b","datavalue":{"value":{"entity-type":"item","numeric-id":4004190,"id":"Q4004190"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q1575404$138E8E1A-B137-46D7-926C-CC4C23C924FD","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"4de9370a09b25939ae4d90e182c77ef71dccb0fe","datavalue":{"value":{"entity-type":"item","numeric-id":140187,"id":"Q140187"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q1575404$A085C984-25D5-4CF5-A4FA-D40BC437CE22","rank":"normal"}],"P200":[{"mainsnak":{"snaktype":"value","property":"P200","hash":"61da792f8b5bb8113a6af5e8a75aa0e465faced3","datavalue":{"value":{"entity-type":"item","numeric-id":73630,"id":"Q73630"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q1575404$841A8BC2-D4A2-4932-B4E2-42F9DA269536","rank":"normal"}],"P1643":[{"mainsnak":{"snaktype":"value","property":"P1643","hash":"e8a17578dac549f940addaf44f4b1594c566ac29","datavalue":{"value":{"entity-type":"item","numeric-id":4372005,"id":"Q4372005"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","qualifiers":{"P1659":[{"snaktype":"value","property":"P1659","hash":"5bcb2e184bbbebc818eed1ade9d05c69be6ce387","datavalue":{"value":{"amount":"+0.8870530724525452","unit":"1"},"type":"quantity"},"datatype":"quantity"}],"P1660":[{"snaktype":"value","property":"P1660","hash":"a327a09ea0305e98d5cf33bd4036320e19f2aed0","datavalue":{"value":{"entity-type":"item","numeric-id":6821328,"id":"Q6821328"},"type":"wikibase-entityid"},"datatype":"wikibase-item"}]},"qualifiers-order":["P1659","P1660"],"id":"Q1575404$CE185A83-E5E2-4EDA-95BD-11646E6E7BDA","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P1643","hash":"1e9913bb0e9da61be9512c38acf7d69d768c01de","datavalue":{"value":{"entity-type":"item","numeric-id":1809497,"id":"Q1809497"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","qualifiers":{"P1659":[{"snaktype":"value","property":"P1659","hash":"c2f03af398590808b20634d29d0a7f398de32ac1","datavalue":{"value":{"amount":"+0.876680850982666","unit":"1"},"type":"quantity"},"datatype":"quantity"}],"P1660":[{"snaktype":"value","property":"P1660","hash":"a327a09ea0305e98d5cf33bd4036320e19f2aed0","datavalue":{"value":{"entity-type":"item","numeric-id":6821328,"id":"Q6821328"},"type":"wikibase-entityid"},"datatype":"wikibase-item"}]},"qualifiers-order":["P1659","P1660"],"id":"Q1575404$9D74466B-0BE4-4DDE-B446-7A403363E465","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P1643","hash":"c9d42bc37b2f648729b61e5faae1a2f7194adce9","datavalue":{"value":{"entity-type":"item","numeric-id":4213032,"id":"Q4213032"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","qualifiers":{"P1659":[{"snaktype":"value","property":"P1659","hash":"6c3a6529a0288241342b30d4e720655e09d6ab69","datavalue":{"value":{"amount":"+0.8659484386444092","unit":"1"},"type":"quantity"},"datatype":"quantity"}],"P1660":[{"snaktype":"value","property":"P1660","hash":"a327a09ea0305e98d5cf33bd4036320e19f2aed0","datavalue":{"value":{"entity-type":"item","numeric-id":6821328,"id":"Q6821328"},"type":"wikibase-entityid"},"datatype":"wikibase-item"}]},"qualifiers-order":["P1659","P1660"],"id":"Q1575404$3E3B9381-D5ED-4195-9189-8A5871B2323B","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P1643","hash":"ab67f8c9e837847706bb53d7cef0961f5a29aa36","datavalue":{"value":{"entity-type":"item","numeric-id":2192739,"id":"Q2192739"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","qualifiers":{"P1659":[{"snaktype":"value","property":"P1659","hash":"97068c2a34d2ba64fde559a476edf1c6bc6e4c8e","datavalue":{"value":{"amount":"+0.8540371060371399","unit":"1"},"type":"quantity"},"datatype":"quantity"}],"P1660":[{"snaktype":"value","property":"P1660","hash":"a327a09ea0305e98d5cf33bd4036320e19f2aed0","datavalue":{"value":{"entity-type":"item","numeric-id":6821328,"id":"Q6821328"},"type":"wikibase-entityid"},"datatype":"wikibase-item"}]},"qualifiers-order":["P1659","P1660"],"id":"Q1575404$BD287126-59ED-4789-956E-7A158FD18855","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P1643","hash":"defa37bd94171872fda0b7010ab7a9a2c5f1de41","datavalue":{"value":{"entity-type":"item","numeric-id":1363524,"id":"Q1363524"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","qualifiers":{"P1659":[{"snaktype":"value","property":"P1659","hash":"405affdec9ebc1edc745e7bcf22e07732ad160ce","datavalue":{"value":{"amount":"+0.8483641743659973","unit":"1"},"type":"quantity"},"datatype":"quantity"}],"P1660":[{"snaktype":"value","property":"P1660","hash":"a327a09ea0305e98d5cf33bd4036320e19f2aed0","datavalue":{"value":{"entity-type":"item","numeric-id":6821328,"id":"Q6821328"},"type":"wikibase-entityid"},"datatype":"wikibase-item"}]},"qualifiers-order":["P1659","P1660"],"id":"Q1575404$10881EA7-96BB-4673-87AF-297A84DD31B2","rank":"normal"}]},"sitelinks":{"mardi":{"site":"mardi","title":"Publication:1575404","badges":[],"url":"https://portal.mardi4nfdi.de/wiki/Publication:1575404"}}}}}