We study a consumption-investment decision problem related to the past spending maximum. In problem, we consider two crucial consumption levels: lowest constrained level and reference level, both levels are fractions of The decision-maker has different risk aversions on sides level. solve this stochastic control derive semi-explicit forms value function, optimal plan, investment strategy. find ...

Well-established studies in behavioral finance confirm that investors are highly influenced by subjective reference points when making economic decisions. Although the literature examines point formation for individual stocks based on observed price sequences, often treated without considering market context. We extend this incorporating information as background to behavior experiment, and we ...

Nonlinear functional integral equations have been discussed in the literature extensively, for a long time. See for example, Subramanyam and Sundersanam [15], Ntouyas and Tsamatos [14], Dhage and Regan [10] and the references therein, Recently, the present author, in a series of papers [4, 6] initiated the study of nonlinear integral equations in a Banach algebra via fixed point techniques. In ...