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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 저널정보
- 한국산업응용수학회 JOURNAL OF THE KOREAN SOCIETY FOR INDUSTRIAL AND APPLIED MATHEMATICS Journal of the Korean Society for Industrial and Applied Mathematics Vol.18 No.4
- 발행연도
- 2014.12
- 수록면
- 283 - 294 (12page)
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초록· 키워드
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In this paper we study consumption-labor supply decision of an agent who prepares for retirement at a known time in the future. The agent is assumed to have a preference which is represented by the von Neumann-Morgenstern utility function in which the felicity function has constant relative risk aversion over the composite of consumption and leisure. The composite is obtained by the Cobb-Douglas function. A general problem has been studied by Bodie et al. (2004). We contribute to the literature by deriving the Slutsky equations and conducting comparative statics. In particular, we show that wealth effect can exhibit an interesting property depending upon the time until retirement, as the interest rate increases.
목차
ABSTRACT
1. INTRODUCTION
2. THE MODEL
3. MAIN RESULTS
4. THE MODEL WITH STOCK INVESTMENT
5. THE MARTINGALE METHOD AND RESULTS
6. CONCLUSION
REFERENCES
참고문헌 (8)
참고문헌 신청
1. [학술지(정기간행물)] - Markowitz, H. / 1952 / Portfolio Selection / Journal of Finance 8 : 77 ~ 91
2. [학술지(정기간행물)] - Merton, Robert C. / 1969 / Lifetime Portfolio Selection under Uncertainty: The Continuous Time Case / Review of Economics and Statistics 51 : 247 ~ 257
3. [학술지(정기간행물)] - Samuelson, Paul A. / 1969 / Lifetime Portfolio Selection by Dynamic Stochastic Programing / Review of Economics and Statistics 51 : 239 ~ 246
4. [학술지(정기간행물)] - De La Grandville / 1989 / Olivier, In Quest of the Slutsky Diamond / The American Economic Review 79 (3) : 468 ~ 481
5. [학술지(정기간행물)] - Bodie Z. / 1992 / Labor Supply Flexibility and Portfolio Choice in a Life Cycle Model / Journal of Economic Dynamics and Cotrol 16 : 427 ~ 449
2. [학술지(정기간행물)] - Merton, Robert C. / 1969 / Lifetime Portfolio Selection under Uncertainty: The Continuous Time Case / Review of Economics and Statistics 51 : 247 ~ 257
3. [학술지(정기간행물)] - Samuelson, Paul A. / 1969 / Lifetime Portfolio Selection by Dynamic Stochastic Programing / Review of Economics and Statistics 51 : 239 ~ 246
4. [학술지(정기간행물)] - De La Grandville / 1989 / Olivier, In Quest of the Slutsky Diamond / The American Economic Review 79 (3) : 468 ~ 481
5. [학술지(정기간행물)] - Bodie Z. / 1992 / Labor Supply Flexibility and Portfolio Choice in a Life Cycle Model / Journal of Economic Dynamics and Cotrol 16 : 427 ~ 449
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UCI(KEPA) : I410-ECN-0101-2016-410-001003317