We investigate the effects of small proportional transaction costs on lifetime consumption and portfolio choice. The extant literature has focused on agents with additive utilities. Here, we extend this analysis to the archetype of nonadditive preferences: the isoelastic recursive utilities proposed by Epstein and Zin.

中文翻译：

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终身投资和消费，具有递归偏好和小额交易成本

我们调查了成比例的小额交易成本对终生消费和投资组合选择的影响。现有文献集中在具有添加剂效用的试剂上。在这里，我们将这种分析扩展到非加性偏好的原型：Epstein和Zin提出的等弹性递归工具。