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Optimal Discrete Ratchet Consumption for Retirees
Social Science Research Network [SSRN] 
Oct. 31, 2011
Philip Dybvig (1995) found optimal spending and investment strategies for endowments with zero tolerance for spending declines. His spending rule is a ratchet - spending never decreases, but has a substantial chance of increasing. Many retirees find this strategy appealing, and in this paper, we find an optimal consumption rule for them.
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