This paper studies a consumption-portfolio problem where money enters the agent's utility function. We solve the corresponding Hamilton-Jacobi-Bellman equation and provide closed-form solutions for the optimal consumption and portfolio strategy both in an infinite- and finite-horizon setting....

Blockchain technology has become widely popular with the appearance of cryptocurrencies that use the decentralized nature of blockchain in order to exchange funds between their users. In order to verify various needed details during an exchange, consensus mechanisms are used which solve simple...