Related papers: Explicit Consumption Functions with Borrowing Cons…
We prove the existence of a general class of rapidly turning two-field inflationary attractors. By only requiring a large, slowly varying turn rate, we solve the system completely without specifying any metric or potential, and prove the…
I describe a recently derived stochastic approach to inflaton dynamics which can address some serious problems associated with conventional inflationary theory. Using this theory I derive an exact solution to the stochastic dynamics for the…
We propose a consumption-investment decision model where past consumption peak $h$ plays a crucial role. There are two important consumption levels: the lowest constrained level and a reference level, at which the risk aversion in terms of…
We propose a general method for optimization with semi-infinite constraints that involve a linear combination of functions, focusing on the case of the exponential function. Each function is lower and upper bounded on sub-intervals by…
Recent Planck data show the anomalies of CMB fluctuations on large angular scales, which confirms the early observations by WMAP. We continue studying an inflationary model, in which before the slow roll inflation the universe is in a…
We study submodular maximization problems with matroid constraints, in particular, problems where the objective can be expressed via compositions of analytic and multilinear functions. We show that for functions of this form, the so-called…
We consider constraints on inflation driven by a single, minimally coupled scalar field in the light of the WMAP5 dataset, as well as ACBAR and the SuperNova Legacy Survey. We use the Slow Roll Reconstruction algorithm to derive optimal…
We consider an optimal investment-consumption problem for a utility-maximizing investor who has access to assets with different liquidity and whose consumption rate as well as terminal wealth are subject to lower-bound constraints. Assuming…
Determining the optimal selling price is a challenge in revenue management, especially in markets characterized by nonlinear and price-sensitive demand. While traditional models, such as linear, power, and exponential demand functions,…
The Wheeler-DeWitt equation provides the probability distribution for the curvature perturbation, the gauge invariant quantum fluctuation of the inflaton. From this, we can find a tower of power spectra which is not found in a perturbative…
The impact of rising consumption on wealth inequality remains an open question. Here we revisit and extend the Social Architecture of Capitalism agent-based model proposed by Ian Wright, which reproduces stylized facts of wealth and income…
This paper investigates optimal consumption in the stochastic Ramsey problem with the Cobb-Douglas production function. Contrary to prior studies, we allow for general consumption processes, without any a priori boundedness constraint. A…
We propose a new measure for eternal inflation that includes both conditions, large field fluctuations and smooth homogeneous domains, in the self reproducing probability estimate. We show that due to the increasing inhomogeneities in the…
We derive a general expression for the power spectra of scalar and tensor fluctuations generated during inflation given an arbitrary choice of boundary condition for the mode function at a short distance. We assume that the boundary…
We propose a new parametrization of the background equations of motion corresponding to (canonical) single-field models of inflation, which allows a better understanding of the general properties of the solutions and of the corresponding…
We discuss the infrared divergences that appear to plague cosmological perturbation theory. We show that within the stochastic framework they are regulated by eternal inflation so that the theory predicts finite fluctuations. Using the…
This article concerns the optimal choice of flat taxes on labor and capital income, and on consumption, in a tractable economic model in which agents are subject to idiosyncratic investment risk. We identify the tax rates which maximize…
We describe inexact proximal Newton-like methods for solving degenerate regularized optimization problems and for the broader problem of finding a zero of a generalized equation that is the sum of a continuous map and a maximal monotone…
The main objective of this paper is to develop a martingale-type solution to optimal consumption--investment choice problems ([Merton, 1969] and [Merton, 1971]) under time-varying incomplete preferences driven by externalities such as…
One of the great triumphs of the inflationary model is the prediction of the flat power spectrum of the CMB fluctuation. The prediction is based on the assumption of the de-Sitter vacuum in the past infinity. However, the true past infinity…