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Optimal investment, consumption–leisure, insurance and retirement choice

✍ Scribed by Perera, Ryle S.


Book ID
121613303
Publisher
Springer
Year
2012
Tongue
English
Weight
357 KB
Volume
9
Category
Article
ISSN
1614-2446

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We examine consumption and investment decisions in a life-cycle model with habit formation, stochastic opportunity set, stochastic wages and labor supply exibility. Retirement is taken into account by specifying an age at which labor earnings stop, but consumption spending continues. Explicit soluti