TY  - GEN
AB  - 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.
DA  - 2007
KW  - Non-time separable utility
KW  - Intertemporal consumption choice
KW  - Habit formation
LA  - eng
PY  - 2007
SN  - 0931-6558
TI  - Optimal consumption choice with intolerance for declining standard of living
UR  - https://nbn-resolving.org/urn:nbn:de:hbz:361-13664
Y2  - 2024-11-22T16:46:33
ER  -