In this paper, we first provide a framework for history-dependent utility models. We further consider discrete infinite horizon dynamic optimization programs in which the instantaneous payoff presents such historydependence. Habits are a particular case of history-dependence. An issue about...

In this paper, we provide a framework for history-dependent utility models. Habit formation is a particular case of history-dependence and there is not yet any consensus on the way to formalize habits. Our framework allows to study not only habit models that are either additive or multiplicative...