Stochastic Growth When Utility Depends on Both Consumption and the Stock Level
Nyarko, Y., & Olson, L. J. (1994). Stochastic Growth When Utility Depends on Both Consumption and the Stock Level. Economic Theory, 4(5), 791-797.
This paper examines the dynamic behavior of optimal consumption and investment policies in the aggregate stochastic growth model when utility depends on both consumption and the stock level.