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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Veröffentlicht in:	Japan journal of industrial and applied mathematics Jg. 33; H. 2; S. 297 - 320
Hauptverfasser:	Lee, Ho-Seok, Shin, Yong Hyun
Format:	Journal Article
Sprache:	Englisch
Veröffentlicht:	Tokyo Springer Japan 01.07.2016 Springer Nature B.V
Schlagworte:	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
Online-Zugang:	Volltext
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