Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/273046 
Year of Publication: 
2022
Series/Report no.: 
Center for Mathematical Economics Working Papers No. 670
Publisher: 
Bielefeld University, Center for Mathematical Economics (IMW), Bielefeld
Abstract: 
We characterize optimal consumption policies in a recursive intertemporal utility framework with local substitution. We establish existence and uniqueness and a version of the Kuhn-Tucker theorem characterizing the optimal consumption plan. An explicit solution is provided for the case when the felicity function is of the Epstein-Zin's type.
Subjects: 
Recursive utility
Hindy-Huang-Kreps preference
Intertemporal Substitution
Utility maximization
JEL: 
C61
D11
D81
G11
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Working Paper

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