Before revision:  Assuming that the individual invests in a risk-free market, we formulate and solve a deterministic control problem to maximize the discounted CRRA utility of the individual's consumption-to-habit process subject to the said habit-formation constraint.
After revision:  Assuming that the individual invests in a risk-free market, we formulate and solve a deterministic control problem to maximize the discounted CRRA utility of the individual's consumption-to-habit process subject to the habit-formation constraint.