effect of these developments on investors' savings and asset returns. In our model, investors with possibly heterogeneous … beliefs choose their savings portfolios. Under mild assumptions, we establish a choice channel by which greater portfolio … early 1980s, and is in contrast with the "precautionary savings" literature that would make the opposite prediction. Greater …

more, generating realistic dynamics. In the consumption-savings model, the consumer decides to pay little or no attention …

We view sustainability as a requirement that welfare should not be expected to decline over time. We impose this … requirement as a prior constraint on the consumption-savings-investment problem, and study its implications for saving, risky …