CodiceQDD 89
TitoloOptimal Investment, Stochastic Labor Income and Retirement
Autore/iBarucci, E.; Marazzina, D.
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AbstractWe address the optimal consumption-investment-retirement problem considering stochastic labor income. We study the Merton problem assuming that the agent has to take four different decisions: the retirement date which is irreversible; the labor and the consumption rate and the portfolio decision before retirement. After retirement the agent only chooses the portfolio and the consumption rate. We confirm some classical results and we show that labor, portfolio and retirement decisions interact in a complex way depending on the spanning opportunities.