Preservation and exogenous uncertain future preferences
We extend the Beltratti, Chichilnisky and Heal's (1993) and (1998) continuous-time stochastic dynamic framework to analyze the optimal depletion of an asset whose consumption is irreversible, in the face of uncertainty about future preferences. Their model is rather general and so the results are general qualitative theorems. We show that in some interesting cases it is possible to solve their model analytically. The cases involve constant elasticity utility functions and the assumption of a Poisson process for the evolution of preferences.
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Volume (Year): 18 (2001)
Issue (Month): 3 ()
|Note:||Received: September 13, 1999; revised version: November 23, 1999|
|Contact details of provider:|| Web page: http://www.springer.com|
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- Alain Ayong Le Kama & Katheline Schubert, 2004. "Growth, Environment and Uncertain Future Preferences," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00267891, HAL.
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- Alain Ayong Le Kama, 2001. "Preservation and exogenous uncertain future preferences," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 18(3), pages 745-752.
- repec:hal:journl:halshs-00206326 is not listed on IDEAS
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