This paper studies a life-cycle optimal portfolio-consumption problem when the consumption
performance is measured by a shortfall aversion preference under an additional drawdown …

We study the problem of optimal dividend payout from a surplus process governed by
Brownian motion with drift under the additional constraint of ratcheting, ie, the dividend rate …

In this paper, we address the problem of optimal dividend payout strategies from a surplus
process governed by Brownian motion with drift under a drawdown constraint, ie, the …

We study a consumption-investment decision problem related to the past spending
maximum. In the problem, we consider two crucial consumption levels: the lowest …

This paper is concerned with a long-standing optimal dividend payout problem subject to the
so-called ratcheting constraint, that is, the dividend payout rate shall be nondecreasing over …

This paper studies the equilibrium consumption under external habit formation in a large
population of agents. We first formulate problems under two types of conventional habit …

This paper studies a loss-averse version of the multiplicative habit formation preference and
the corresponding optimal investment and consumption strategies over an infinite horizon …

In this paper, we study the individual's optimal asset allocation, consumption and retirement
time under habitual persistence. To depict the phenomenon that the individual feels equally …

In this paper we consider the problem of optimizing lifetime consumption under a habit
formation model. Our work differs from previous results, because we incorporate mortality …

In this paper, we consider the problem of optimizing lifetime consumption under a habit
formation model, both with and without an exogenous pension. Unlike much of the existing …