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Optimal Consumption and Investment with Bankruptcy Suresh P. Sethi 1997 edition
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Optimal Consumption and Investment with Bankruptcy
Suresh P. Sethi
The problem with Merton's solution is that it sometimes violates the constraints against negative wealth and negative consumption stated in Merton (1969) and presumably applicable in Merton (1971 and 1973).
428 pages, biography
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