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# On The Consumption/Distribution Theorem Under The Long-Run Growth Criterion Subject To A Drawdown Constraint

## Author Info

• MICHAEL J. KLASS

()
(Departments of Statistics and Mathematics, 367 Evans Hall and 910 Evans Hall, UC Berkeley, Berkeley, California 94720-3860, USA)

• KRZYSZTOF NOWICKI

()
(Department of Statistics, Lund University, Box 743, S-220 07 Lund, Sweden)

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## Abstract

Consider any discrete time sequence of investment fortunes Fn which has a finite long-run growth rate $V(r, \lambda_*)=\lim_{n\to\infty}\frac{\ln F_n}{n}$ when subject to the present value capital drawdown constraint Fne-rn ≥ λ* max0≤k≤nFke-rk, where 0 ≤ λ*

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## Bibliographic Info

Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal International Journal of Theoretical and Applied Finance.

Volume (Year): 13 (2010)
Issue (Month): 06 ()
Pages: 931-957

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Handle: RePEc:wsi:ijtafx:v:13:y:2010:i:06:p:931-957

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## Related research

Keywords: Long-run growth; draw-down constraint; log utility; infinite horizon investment and consumption categories; withdrawal strategy; distribution strategy; consumption/distribution theorem; intergenerational trusts;

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