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dc.contributor.authorRiedel, Franken_US
dc.description.abstractDuesenberry 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.en_US
dc.publisherInst. of Mathematical Economics, IMW Bielefelden_US
dc.relation.ispartofseriesWorking papers // Institute of Mathematical Economics 394en_US
dc.subject.keywordIntertemporal consumption choiceen_US
dc.subject.keywordHabit formationen_US
dc.subject.keywordNon-time separable utilityen_US
dc.titleOptimal consumption choice with intolerance for declining standard of livingen_US
dc.typeWorking Paperen_US
Appears in Collections:Working Papers, Center for Mathematical Economics (IMW), Bielefeld University

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