Kandel, Shmuel; Kuznitz, Arik - C.E.P.R. Discussion Papers - 2004
This Paper studies a consumption and portfolio choice problem of a long-lived investor who derives pleasure not only from current consumption, but also from contemplation of future consumption. These preferences are formalized by Kuznitz (2003a, 2003b, 2003c), in a model where all effects of...