@techreport{Riedel2007Optimal,
abstract = {Duesenberry introduced the notion of a ratchet investor who does not tolerate any decline in her consumption rate. We connect the demand behavior of such an agent to the behavior of standard time-additive agents. A ratchet investor demands the running maximum of the optimal plan a conventional time-additive investor with lower initial wealth would choose.},
address = {Bielefeld},
author = {Frank Riedel},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {D91; 330; Intertemporal consumption choice; Habit formation; Non-time separable utility},
language = {eng},
note = {urn:nbn:de:hbz:361-13664},
number = {394},
publisher = {Inst. of Mathematical Economics, IMW},
title = {Optimal consumption choice with intolerance for declining standard of living},
type = {Working papers // Institute of Mathematical Economics},
url = {http://hdl.handle.net/10419/43777},
year = {2007}
}
