This paper studies the infinite horizon optimal consumption with a path-dependent reference under the exponential utility. The performance is measured by the difference between the non-negative consumption rate and a fraction of the historical consumption maximum. The consumption running maximum...

We study an intertemporal consumption and portfolio choice problem under Knightian uncertainty in which agent's preferences exhibit local intertemporal substitution. We also allow for market frictions in the sense that the pricing functional is nonlinear. We prove existence and uniqueness of the...

It is conceivable that the whether to buy and how much tobuy decisions in the purchasing process of households areinfluenced by the inventory process. In this paper we thereforeput forward a model for consumption, where we rely on establishedeconomic theory. We incorporate this model in a model...

We show that the optimal consumption of an individual over the life cycle can have the hump shape (inverted U-shape) observed empirically if the preferences of the individual exhibit internal habit formation. In the absence of habit formation, an impatient individual would prefer a decreasing...

Paolo Sylos Labini's Oligopoly Theory and Technical Progress (1957) is considered one of the major contributions to entry-prevention models, especially after Franco Modigliani's famous formalization. Nonetheless, Modigliani neglected Sylos Labini's major aim when reviewing his work (1958),...

The role of first principles in economics is examined through the lens of dominant methodological approaches of the classical and neoclassical periods. First principles are most clearly displayed in pure deductive systems. The tension between first principles as the basis for deductivist...

Vor dem Hintergrund der für viele Experten unvorhersehbaren Finanzkrise von 2008/2009 widmet sich dieser Aufsatz die Frage, wie (ökonomische) Bildung zu einer "moralischen Phantasie" (Günter Anders) befähigen kann, mit der die Genese von Krisen und ihrer Konsequenzen unmittelbarer erfasst...

Anhand von zwei führenden Lehrbüchern der Ökonomie wird erörtert, wie darin die Wahrnehmungs- und Erkenntnisweise von Studierenden einseitig geprägt, indem stillschweigend ein spezifisches Paradigma als einzig zulässige Sichtweise vermittelt wird. Damit wird auch die Theoriegeschichte der...

In der ökonomischen Bildung wird die Wirtschaft aus quasi-naturwissenschaftlicher Perspektive gelehrt, ohne dass diese Perspektive selbst kaum je reflektiert würde. Aufgezeigt wird, wie aus dieser Perspektive heraus angehende Ökonomen angeleitet werden, sich von ihrer eigenen Erfahrungswelt...