In this paper, we study an intertemporal utility maximization problem in which an investor chooses consumption and portfolio strategies in the presence of a stochastic factor and a no-borrowing constraint. In the spirit of the Kim-Omberg model, the stochastic factor represents the excess return...

Background: Natural disasters can trigger hazardous material (Hazmat) releases and damage valuable assets, increasing human, environmental, and economic losses. Effective predisaster relocation planning is therefore critical but operationally challenging. Methods: This study develops a...