Consumption-portfolio choice with subsistence consumption and risk aversion change at retirement
Abstract This paper considers subsistence consumption of an economic agent both before and after retirement in analyzing the optimal consumption, portfolio, and retirement problem. We allow the relative risk aversion of the economic agent to make a one-off jump at retirement. With a Cobb–Douglas uti...
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| Format: | Article |
| Language: | English |
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SpringerOpen
2018-07-01
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| Series: | Journal of Inequalities and Applications |
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| Online Access: | http://link.springer.com/article/10.1186/s13660-018-1756-1 |