Consumption in a self-financing portfolio model is wealth withdrawn for use outside the portfolio. With no initial capital, a one-period position of nonpositive initial cost and nonnegative terminal payoff permits nonnegative consumption at both dates.
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- Investment-consumption arbitrage
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- Competitive equilibrium with one productive asset
- Constant-proportion portfolio
- Consumption satisfaction stock
- Deflated wealth equation with consumption
- Discrete dividend budget equation
- Exponential interest-rate switch
- Exponential-utility risk sharing
- Finite-horizon logarithmic investment and consumption
- Finite-horizon power-utility investment and consumption
- Gradient constraint for unbounded consumption
- Hölder bound for discounted CRRA consumption
- Marginal utility
- Marginal-utility verification of optimal consumption
- Merton consumption constant
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- Portfolio wealth
- Pure-investment arbitrage
- Singular consumption control
- Supermartingale control of deflated consumption gains
- Transversality and fundamental dividend prices
- Wealth-to-satisfaction reduction
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