Mark Urban-Lurain, Michigan State University Mark Urban-Lurain is the Director of Instructional Technology Research & Development in the Division of Science and Mathematics Education at Michigan State University. Dr. Urban-Lurain's research interests are in theories of cognition, their impact on instructional design and applying these to the use of instructional technology. He is also intereste...

This paper treats the problem of consumption and portfolio choice in continuous time, with stochastic income that cannot be replicated by trading the available securities. The optimal controls and value functions are characterized in terms of the viscosity solution of the associated Hamilton-JacobiBellman equation, which is shown to exist and is characterized. The optimal policy is then given f...