Optimal investment, consumption and retirement choice problem with disutility and subsistence consumption constraints (Q930981)

This paper considers the general optimal consumption-portfolio decision problem with subsistence consumption constraints. The authors obtain explicit forms of the optimal policies using a martingale method and a variational inequality and characterize properties of the optimal policies. They also present some numerical results of the optimal consumption and portfolio in the special case of constant relative risk aversion (CRRA) utility class.