Consumption Portfolio Policies An Inverse Optimal Problem
Consumption Portfolio Policies An Inverse Optimal Problem
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4-', and A5, andC > for all W > and S > 0. Define R, H, N as in (31), (29), and (24), respectively, andQ, X, Y, and U as in (12), (13), (14), o. Nd (15) respectively. Suppose that (1) R, H, N satisfy the continuity and differentiability conditions of Conditions A3 and A6; and Here we remind the reader of our implicit hypothesis that the starting date of the optimization is t = but our arguments apply to other starting dates t with arbitrary starting states W(i) and S(t).
4 SUFFICIENT CONDITIONS... FOR EFFICIENCY AND RECOVER ABILITY 23 (2) conditions (l)-(6) of Theorem I are satisfied. Then (C, A) € S and the utility functions correspond to (C, A) are { U(C- l (x, S, t), S, t) x>0, M, J \ ]im ziQ U{C-\z, S, t), S, t) x = 0; hV(. ) = r "}r S sr\ X> °c Proof. See Appendix. I When C is not always strictly positive for strictly positive wealth, R cannot be defined through (31), and we have the second set of sufficient conditions. Note however that this set of conditions applies generally whenever VictS + T2K / 0, independently of whether C(W, S, t) > for all W > 0.
What to read after Consumption Portfolio Policies An Inverse Optimal Problem?
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To quickly assess the difficulty of the text, read a short excerpt:
4-', and A5, andC > for all W > and S > 0. Define R, H, N as in (31), (29), and (24), respectively, andQ, X, Y, and U as in (12), (13), (14), o. Nd (15) respectively. Suppose that (1) R, H, N satisfy the continuity and differentiability conditions of Conditions A3 and A6; and Here we remind the reader of our implicit hypothesis that the starting date of the optimization is t = but our arguments apply to other starting dates t with arbitrary starting states W(i) and S(t).
4 SUFFICIENT CONDITIONS... FOR EFFICIENCY AND RECOVER ABILITY 23 (2) conditions (l)-(6) of Theorem I are satisfied. Then (C, A) € S and the utility functions correspond to (C, A) are { U(C- l (x, S, t), S, t) x>0, M, J \ ]im ziQ U{C-\z, S, t), S, t) x = 0; hV(. ) = r "}r S sr\ X> °c Proof. See Appendix. I When C is not always strictly positive for strictly positive wealth, R cannot be defined through (31), and we have the second set of sufficient conditions. Note however that this set of conditions applies generally whenever VictS + T2K / 0, independently of whether C(W, S, t) > for all W > 0.
What to read after Consumption Portfolio Policies An Inverse Optimal Problem?
You can find similar books in the "Read Also" column, or choose other free books by Hua He to read onlineMoreLess
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