An optimal investment, consumption-leisure and voluntary retirement choice problem with subsistence consumption constraints

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 v...

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Vydáno v:Japan journal of industrial and applied mathematics Ročník 33; číslo 2; s. 297 - 320
Hlavní autoři: Lee, Ho-Seok, Shin, Yong Hyun
Médium: Journal Article
Jazyk:angličtina
Vydáno: Tokyo Springer Japan 01.07.2016
Springer Nature B.V
Témata:
Applications of Mathematics
Computational Mathematics and Numerical Analysis
Consumption
Dynamic programming
Investment
Mathematics
Mathematics and Statistics
Original Paper
Retirement
Voluntary retirement
Consumption and leisure
Dynamic programming method
91G10
Cobb–Douglas utility
Subsistence consumption constraint
91G80
ISSN:0916-7005, 1868-937X
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Abstract 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.
AbstractList 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.
Author Lee, Ho-Seok
Shin, Yong Hyun
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crossref_primary_10_1186_s13662_018_1626_7
crossref_primary_10_1186_s13660_018_1756_1
crossref_primary_10_3390_math9040358
Cites_doi 10.1016/j.jfineco.2005.10.004
10.1016/j.orl.2014.01.009
10.1093/rof/rfr016
10.1016/j.jmaa.2008.04.011
10.1111/j.1467-9965.2006.00272.x
10.1111/j.1467-9965.2008.00341.x
10.1287/moor.11.2.261
10.1111/j.1467-9965.2006.00278.x
10.1016/j.jet.2009.08.003
10.1016/j.aml.2012.03.023
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10.1016/j.amc.2005.04.089
10.1016/j.amc.2011.11.052
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Issue 2
Keywords Voluntary retirement
Consumption and leisure
Dynamic programming method
91G10
Cobb–Douglas utility
Subsistence consumption constraint
91G80
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Snippet We study an optimal investment, consumption-leisure and voluntary retirement problem for an agent whose consumption rate process is subject to a subsistence...
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SubjectTerms Applications of Mathematics
Computational Mathematics and Numerical Analysis
Consumption
Dynamic programming
Investment
Mathematics
Mathematics and Statistics
Original Paper
Retirement
Title An optimal investment, consumption-leisure and voluntary retirement choice problem with subsistence consumption constraints
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