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Source publication
The objective of the project is to develop a three- phase energy meter where it is used to measure the consumer’s power consumption in KW-h and also enable and support consumption in rupees according to consumer tariff.
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We consider the problem of optimizing lifetime consumption under a habit formation model, both with and without an exogenous pension. Unlike much of the existing literature, we apply a power utility to the ratio of consumption to habit, rather than to their difference. The martingale/duality method becomes intractable in this setting, so we develop...