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• W2076206540 abstract "This paper treats the problem of consumption and portfolio choice in continuous time, with stochastic income that cannot be replicated by trading the available securities. the optimal controls and value functions are characterized in terms of the viscosity solution of the associated Hamilton-Jacobi-Bellman equation, which is shown to exist and is characterized. the optimal policy is then given from the first-order conditions of the Hamilton-Jacobi-Bellman equation." @default.
• W2076206540 created "2016-06-24" @default.
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• W2076206540 date "1993-04-01" @default.
• W2076206540 modified "2023-10-07" @default.
• W2076206540 title "Optimal Investment With Undiversifiable Income Risk" @default.
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• W2076206540 doi "https://doi.org/10.1111/j.1467-9965.1993.tb00083.x" @default.
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