| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 1708184 | Applied Mathematics Letters | 2013 | 6 Pages |
Abstract
We consider an optimal consumption, leisure, investment, and voluntary retirement problem for an agent with a Cobb–Douglas utility function. Using dynamic programming, we derive closed form solutions for the value function and optimal strategies for consumption, leisure, investment, and retirement.
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Authors
Jung Lim Koo, Byung Lim Koo, Yong Hyun Shin,