Article ID Journal Published Year Pages File Type
5076399 Insurance: Mathematics and Economics 2015 9 Pages PDF
Abstract
By constraining the investor to have no more than the target wealth at retirement, we find that the lower quantiles of the terminal wealth distribution increase, so the risk of poor financial outcomes is reduced. The drawback of the optimal strategy is that the possibility of gains above the target wealth is eliminated.
Related Topics
Physical Sciences and Engineering Mathematics Statistics and Probability
Authors
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