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This section also provides a rich list of references. Calculations are performed in the framework of a finite information tree. A useful scale invariant recursive utility form is constructed. One of the contributions of the paper is to relax the assumption of an expected-utility CE, allowing for any style of scale-invariant trading constraint. The author exploits a variational approach, which allows one to detach the analysis of the market and the analysis of preferences.   Let \\(V\\) be defined by the process  \\[ V_t = E\\left[\\sum_{s=t}^T \\frac{\\pi_s}{\\pi_t} c_s\\right], \\]  where \\(\\pi\\) is a SPD, \\(V_t\\) represents the cum-dividend time-\\(t\\) value of a traded contract that generates \\(c\\) as a dividend process. Suppose the consumption plan \\(c\\) is financed by the allocation policy \\(\\left(\\rho,\\psi\\right)\\), which generates the wealth process \\(W\\). 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