Answers are grounded in this paper and cite their sources.
I. Introduction, 472. — II. The model: assumptions and notation, 474. — III. Derivation of the model, 477. — IV. The utility of wealth, 478. — V. Borrowing constraints: an example, 480. — VI. Concluding remarks, 486.
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Nils H. Hakansson (1970) studied this question.
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