کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
957477 928529 2010 23 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Lifetime consumption and investment: Retirement and constrained borrowing
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Lifetime consumption and investment: Retirement and constrained borrowing
چکیده انگلیسی
Retirement flexibility and inability to borrow against future labor income can significantly affect optimal consumption and investment. With voluntary retirement, there exists an optimal wealth-to-wage ratio threshold for retirement and human capital correlates negatively with the stock market even when wages have zero or slightly positive market risk exposure. Consequently, investors optimally invest more in the stock market than without retirement flexibility. Both consumption and portfolio choice jump at the endogenous retirement date. The inability to borrow limits hedging and reduces the value of labor income, the wealth-to-wage ratio threshold for retirement, and the stock investment.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Theory - Volume 145, Issue 3, May 2010, Pages 885-907
نویسندگان
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