This paper studies the consumption and portfolio selection problem of an agent who is liquidity constrained and has uninsurable income risk in a discrete time setting. It gives properties of optimal policies and presents numerical solutions. The paper, in particular, shows that liquidity...

This paper studies the consumption and portfolio selection problem of an agent who is liquidity constrained and has uninsurable income risk in a discrete time setting. It gives properties of optimal policies and presents numerical solutions. The paper, in particular, shows that liquidity...

In this paper we apply the generalized simulated annealing (GSA) approach to the inversion of gravity data for 2-D and 3-D density distributions. We consider a modeling process where the input is the vector of model parameters m (that can be density contrast, mass or some coordinates) and the...