Before revision:  Focusing on the empirically relevant case where the risk aversion and the elasticity of intertemporal substitution are both larger than one, we characterize  optimal consumption and investment strategies through backward stochastic differential equations (BSDEs).
After revision:  Focusing on the empirically relevant case where the risk aversion and the elasticity of intertemporal substitution are both larger than one, we characterize the optimal consumption and investment strategies through backward stochastic differential equations (BSDEs).