Global ETD Search
Search theses and dissertations gathered from participating repositories worldwide. Every result links back to the library that holds it. No account is needed.
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Showing 1 to 18 of 18 for “"Optimal consumption"”.
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Three essays in optimal consumption
Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 1989.
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Information and Markets for Credence Goods
… a change in quality of a credence good, a non-optimal consumption choice is made which impacts consumer welfare. I develop a framework to account for the welfare effects of consumer uncertainty and imperfect information of changes in product quality of credence goods. In doing so, the research …
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Three assets model for portfolio selection under a constrained consumption rate process
… we consider a particular case of an optimal consumption and portfolio selection problem for an infinitely lived investor whose consumption rate process is subject to downside constraint. We also suppose that the wealth dynamics is composed of three assets (i) risklessassets (ii) risky …
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Mathematical Models For Swing Options And Subprime Mortgage Derivatives.
… exercise rights. The goal is to find the optimal consumption process for the underlying commodity. We present a pricing methodology using the theory of reflected backward stochastic differential equations and the theory of Snell envelopes. Once the model is constructed, one can use …
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The effects of tax evasion on economic growth: a stochastic growth model approach
… dynamic programming approach to derive the optimal plans for consumption and tax evasion rate. Therefore the effect of tax evasion on economic growth is ambiguous because the trade-off between the gain from tax evasion to disposable in- come and the loss because of the lower productivity due …
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Essays in consumption and portfolio choice
This thesis analyzes optimal consumption and portfolio strategy by considering three different extensions to the classic work by Merton (1971). The first chapter considers consumption and strategic asset allocation when expected returns are predictable for Epstein-Zin preferences. The second …
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Business Cycle Models with Embodied Technological Change and Poisson Shocks
… technological change. Households take an optimal decision about their spending for consumption and financing of R&D. The probability of a technology invention occurring is an increasing function of aggregate R&D expenditure in the whole economy. New technologies bring higher …
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Essays in industrial economics
… with two differentiated goods. We show that the optimal selling strategy for a multi product monopolist implies offering at least one lottery with probability 1/2. This result is in stark contrast with the the optimal selling strategy of a single product monopolist that attempts to price …
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Three essays in finance and macroeconomics
… the thesis (co-authored with E. Farhi) we study optimal consumption and portfolio choice in a framework where investors save for early retirement. We assume that agents can adjust their labor supply only through an irreversible choice of their retirement time. We obtain closed form solutions and …
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Dynamic optimal asset allocation with optimal stopping
We develop a model of optimal consumption, labor and portfolio choice with endogenous retirement for an individual's life-cycle decisions. Explicit solutions for finite horizon are derived both for an individual with power utility and for an individual with log utility. There are two distinct …
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Essays on Prospect Theory, Dynamic Contracting and Procurement
… suggesting that costs of inefficient search for optimal consumption will produce a value function that obeys the loss aversion axiom of Tversky and Kahneman (1991). Moreover, since this adjustment happens over time, new predictions are made that explain why the status quo bias is reinforced over …
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On some stochastic control models and related free-boundary problems in insurance mathematics
… dynamic framework for the joint determination of optimal consumption, portfolio choice and irreversible investment in healthcare, which extends the classical Merton problem by incorporating irreversible healthcare investment. Chapter 3 examines the optimal retirement time decision, optimal …
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Essays On The Effects Of Asymmetric Information
… the model offers guidance for calculating the optimal offset price as a function of the regulator's information. The second essay consists of a cardinal tournament used by a representative firm to choose its next CEO. Candidates are managers of different types: they are heterogeneous over …
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Essays on the Equity Premium Puzzle
… variance of the growth rate in the per capita consumption, an Equity Premium puzzle exists.</p> <p>The primary goal of this dissertation is to test different theoretical models, while calibrating their parameters to the data used by Mehra and Prescot (1985) [35], in order to better understand …
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Essays on Societal Cost of Alcohol and Related Issues - A Health Economic Analysis
The consumption of alcoholic beverages has wide effects, for example, causes premature mortality, prevents certain heart diseases, increases crime rates, and affects quality of life. The main problems with alcohol consumption from an economic point of view are lack of information for consumers when …
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Household Food Security in Developing Countries: Understanding the Role of Dynamic Natural and Social Systems
… is essentially achieved through a trade-off of consumption and investment in assets and capital to ensure future availability of food. Chapter 2 builds an optimal control model to analyze the trade-offs between stocks of primary forest and agricultural production. This study highlights the role …
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An analysis of the nutrition support process in rugby union athletes in New Zealand: Practical considerations and applications within rugby developmental environments
… has long been an important consideration for optimal sporting performance and recovery, athlete well-being and the modulation of injury risk. Ensuring that athletes follow dietary patterns that are nutrient-dense and facilitate the meeting of energy and macronutrient requirements is a crucial …
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Stochastic Control, Optimal Saving, and Job Search in Continuous Time
… Poisson or Lévy processes. The results on the optimal behavior are derived by maximizing the individual expected lifetime utility. The first chapter is concerned with the necessary mathematical tools, the change-of-variables formula and the Hamilton-Jacobi-Bellman equation under Poisson …