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An optimal investment, consumption-leisure and voluntary retirement choice problem with subsistence consumption constraints
- Lee, Ho-Seok;
- Shin, Yong Hyun
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5초록
We study an optimal investment, consumption-leisure and voluntary retirement problem for an agent whose consumption rate process is subject to a subsistence constraint before retirement. We use the dynamic programming method to obtain closed-form solutions for the optimal strategies as well as the value function when the agent's utility of consumption and leisure is of Cobb-Douglas form.
키워드
Consumption and leisure; Voluntary retirement; Subsistence consumption constraint; Cobb-Douglas utility; Dynamic programming method; PORTFOLIO SELECTION; DISUTILITY; UTILITY
- 제목
- An optimal investment, consumption-leisure and voluntary retirement choice problem with subsistence consumption constraints
- 저자
- Lee, Ho-Seok; Shin, Yong Hyun
- 발행일
- 2016-07
- 유형
- Article
- 권
- 33
- 호
- 2
- 페이지
- 297 ~ 320