Optimal Consumption and Investment with Bankruptcy

This book presents papers on continuous-time consumption­ investment models by Suresh Sethi and various co-authors. Sir Isaac Newton said that he saw so far because he stood on the shoulders of gi­ ants. Giants upon whose shoulders Professor Sethi and colleagues stand are Robert Merton, particularly Merton''s (1969, 1971, 1973) seminal papers, and Paul Samuelson, particularly Samuelson (1969). Kar...