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A tâtonnement process for investment under uncertainty
On turnpike portfolios
Optimal savings and portfolio choice under certainty
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analysis assets assumed assumption average balance bank bonds capital cash changes consider constant constraints consumption continuous costs decision decreasing defined demand depends deposits derived determined discussed distribution economic effect equal equation equilibrium estimate exists expected fact firm flow forecast function funds future given greater Hence hold horizon implies income increase independent individual interest interval investment investors less liquidity manager marginal maximize mean measure negative observed obtain operations optimal policy parameters period portfolio positive possible present probability problem production profit random References relation relative respect risk risk aversion risky satisfied securities selection shares solution standard structure theorem theory tion transfer unit utility utility function variable variance wealth yields zero