Dusenberry's Ratcheting of Consumption: Optimal Dynamic Consumption and Investment Given Intolerance for any Decline in Standard of Living

From MaRDI portal
Publication:4840275

DOI10.2307/2297806zbMath0830.90025OpenAlexW1978484117MaRDI QIDQ4840275

Philip H. Dybvig

Publication date: 4 February 1996

Published in: The Review of Economic Studies (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.2307/2297806




Related Items (37)

Optimal consumption with reference to past spending maximumIntertemporal preference with loss aversion: consumption and risk-attitudeDividends: from refracting to ratchetingOptimal Investment and Consumption under a Habit-Formation ConstraintPortfolio selection with consumption ratchetingDynamic asset allocation with consumption ratcheting post retirementOptimal Ratcheting of Dividends in a Brownian Risk ModelA portfolio choice problem under risk capacity constraintOptimal retirement and portfolio selection with consumption ratchetingOptimal consumption and life insurance under shortfall aversion and a drawdown constraintDynamic spending and portfolio decisions with a soft social normConsumption-investment decisions with endogenous reference point and drawdown constraintOptimal consumption and investment with welfare constraintsOptimal Consumption Under a Habit-Formation Constraint: The Deterministic CaseTarget benefit pension plan with longevity risk and intergenerational equityUtility maximization with ratchet and drawdown constraints on consumption in incomplete semimartingale marketsOptimal dividends under a drawdown constraint and a curious square-root ruleA generalization of Dybvig's result on portfolio selection with intolerance for decline in consumptionOptimal Ratcheting of Dividends in InsuranceRatchet consumption over finite and infinite planning horizonsFinite horizon portfolio selection problem with a drawdown constraint on consumptionFinite horizon portfolio selection with durable goodsOptimal consumption-portfolio choices and retirement planningRole of index bonds in an optimal dynamic asset allocation model with real subsistence consumptionFinite time-horizon optimal investment and consumption with time-varying subsistence consumption constraintsOptimal consumption and portfolio selection with quadratic utility and a subsistence consumption constraintIncentive mechanism design aiming at deflated performance manipulation in retail firms: based on the ratchet effect and the reputation effectPortfolio selection with drawdown constraint on consumption: a generalization modelAN OPTIMAL CONSUMPTION AND INVESTMENT PROBLEM WITH QUADRATIC UTILITY AND SUBSISTENCE CONSUMPTION CONSTRAINTS: A DYNAMIC PROGRAMMING APPROACHA class of solvable singular stochastic control problemsOptimal Dividend Distribution Under Drawdown and Ratcheting Constraints on Dividend RatesOptimal consumption choice with intolerance for declining standard of livingAsset management with endogenous withdrawals under a drawdown constraintRatcheting with a bliss level of consumptionOptimal portfolio choice and consistent performanceMinimizing the Probability of Ruin When Consumption is RatchetedOptimal consumption of a divisible durable good




This page was built for publication: Dusenberry's Ratcheting of Consumption: Optimal Dynamic Consumption and Investment Given Intolerance for any Decline in Standard of Living