Optimal Consumption Policy under Uncertain Income
研究风险厌恶且偏好即时消费的消费者在不确定收入下的最优消费策略，分析有限期和无限期下的政策特征及经济行为含义。
This paper considers the consumption behavior of a risk-averse consumer with a preference for immediate consumption who faces an uncertain income stream and plans for a finite or infinite number of periods. The consumer may borrow up to a limit or save, where both saving and borrowing are subject to the same positive rate of interest. We derive the optimal consumption policies for both finite and infinite planning horizons, investigate their characteristics, and analyze their economic and behavioral implications.