상세 보기
An optimal job, consumption/leisure, and investment policy
- Shim, Gyoocheol;
- Shin, Yong Hyun
Citations
WEB OF SCIENCE
26Citations
SCOPUS
26초록
this paper we investigate an optimal job, consumption, and investment policy of an economic agent in a continuous and infinite time horizon. The agent's preference is characterized by the Cobb-Douglas utility function whose arguments are consumption and leisure. We use the martingale method to obtain the closed-form solution for the optimal job, consumption, and portfolio policy. We compare the optimal consumption and investment policy with that in the absence of job choice opportunities. (C) 2014 Elsevier BM. All rights reserved.
키워드
Job choice; Consumption; Leisure; Portfolio selection; Martingale method; PORTFOLIO SELECTION; RETIREMENT; DISUTILITY; UTILITY; CHOICE; MODEL
- 제목
- An optimal job, consumption/leisure, and investment policy
- 저자
- Shim, Gyoocheol; Shin, Yong Hyun
- 발행일
- 2014-03
- 유형
- Article
- 권
- 42
- 호
- 2
- 페이지
- 145 ~ 149