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...

We examine the relationship between household incomes and the biodiversity footprints of consumption in the United States from 1996 to 2022. Combining detailed household expenditure surveys with environmentally-extended multi-regional input-output accounting methods, we calculate...