Choi, Sungsub; Koo, Hyeng Keun; Shim, Gyoocheol; … - In: Annals of Economics and Finance 4 (2003) 2, pp. 427-469
We consider a consumption and investment problem where an investor¡¯s investment opportunity gets enlarged when she becomes rich enough, i.e., when her wealth touches a critical level. We derive optimal consumption and investment rules assuming that the investor has a time-separable von...
