DocumentCode
434959
Title
On the optimal balance between consumption and investment
Author
Fleming, Wendell H. ; Hernández-Hernández, Daniel
Author_Institution
Div. of Appl. Math., Brown Univ., Providence, RI, USA
Volume
4
fYear
2004
fDate
14-17 Dec. 2004
Firstpage
3915
Abstract
In this paper we are concerned with the tradeoff between long term growth of the expected utility of wealth and consumption. The goal is to find a consumption policy for which the optimal rate of capital growth is zero, i.e. a policy for which balance between consumption and investment is reached.
Keywords
investment; optimal control; optimisation; stochastic systems; utility theory; capital growth rate; consumption policy; expected utility; long term growth; optimal balance; optimal rate; Asset management; Differential equations; Economic indicators; Investments; Mathematics; Optimal control; Portfolios; Stochastic processes; Utility theory; Yttrium;
fLanguage
English
Publisher
ieee
Conference_Titel
Decision and Control, 2004. CDC. 43rd IEEE Conference on
ISSN
0191-2216
Print_ISBN
0-7803-8682-5
Type
conf
DOI
10.1109/CDC.2004.1429352
Filename
1429352
Link To Document