On an optimal consumption problem for p-integrable consumption plans
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Publication date
1999-01-01
Authors
Balder, E.J.
Pistorius, M.R.
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Document Type
Preprint
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Abstract
A generalization is presented of the existence results for an optimal consumption problem of Aumann and Perles [4] and Cox and Huang [10]. In addition, we present avery general optimality principle.
Keywords
Optimal consumption and investment, Variational problem, Lyapunov-type optimization problem, Extremum principle, Existence of p-integrable optimal solutions, Growth conditions