Key points are not available for this paper at this time.
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.
Nils H. Hakansson (1970) studied this question.