We characterize optimal consumption policies in a recursive intertemporal utility framework with local substitution. We establish existence and uniqueness and a version of the Kuhn-Tucker theorem characterizing the optimal consumption plan. An explicit solution is provided for the case when the...

Among the reasons behind the choice behavior of an individual taking a stochastic form are her potential indifference or indecisiveness between certain alternatives, and/or her willingness to experiment in the sense of occasionally deviating from choosing a best alternative in order to give a...

Promoting household-level adaptation measures is an important part of climate change adaptation policies to reduce vulnerability to droughts for (agro-)pastoral communities in sub-Saharan Africa. To develop effective supportive policies, it is important to get a better understanding of the needs...