The expression for the growth rate suggests a minor technical restriction. For the integral in the consumer's preferences to be finite, the rate of growth of current utility (1-c)g must be less than the discount rate p. Thus, for σ€r [0,1), (1j611 must be less than the discount rate p. If this does not hold, the integral can be infinite and some kind of overtaking criterion must be used to describe the behavior of the consumer.