Alia, IshakChighoub, FaridKhelfallah, NabilVives i Santa Eulàlia, Josep, 1963-2023-02-242023-02-242021-02-201911-8074https://hdl.handle.net/2445/194105In the present paper, we investigate the Merton portfolio management problem in the context of non-exponential discounting, a context that gives rise to time-inconsistency of the decision-maker. We consider equilibrium policies within the class of open-loop controls that are characterized, in our context, by means of a variational method which leads to a stochastic system that consists of a flow of forward-backward stochastic differential equations and an equilibrium condition. An explicit representation of the equilibrium policies is provided for the special cases of power, logarithmic and exponential utility functions.27 p.application/pdfengcc-by (c) Alia, Ishak et al., 2021https://creativecommons.org/licenses/by/4.0/Sistemes estocàsticsAnàlisi estocàsticaEquacions diferencials estocàstiquesStochastic systemsAnalyse stochastiqueStochastic differential equationsinfo:eu-repo/semantics/article7206812023-02-24info:eu-repo/semantics/openAccess