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>Optimal Portfolio Rules with Habit Formation and Preference for Wealth
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Optimal Portfolio Rules with Habit Formation and Preference for Wealth
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机译:具有习惯形成和财富偏好的最优投资组合规则
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摘要
This paper describes a model in which a representative investor''s preference depends on both the consumption history consumption and his wealth. Thus, the investor accumulates wealth not only for the sake of consumption history but also for wealth. We examine the implication for consumption, portfolio choice. We solve the consumption portfolio choice problem and provide the optimal policy. The optimal solution to the problem shows that the preference for wealth and consumption formation will affect the investor''s optimal portfolio policy. For the purpose of further research,we also calculate the steady-state distribution of habit-consumption ratio.
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