2 problems

Let $C$ be an optimal consumption policy and let $Y^C$ denote its associated level of satisfaction. A minimal level of satisfaction is a threshold such that consumption can be char…

Let $X_t^*$ and $z_t^*$ denote the wealth and consumption-peak processes under an optimal control $(\pi^*,c^*)$, and let $z_{t-}^*$ be the left limit of the consumption-peak proces…