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整合工作、退休与一生收益决策的最优投资组合研究

, PP. 27-33

Keywords: 生命周期,投资组合,工作时间,退休

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Abstract:

?将工作时间和退休年龄视为内生变量,用一个包含随机死亡概率和不确定劳动收入的标准化模型,探讨个人一生最优投资组合,拓展投资领域,使投资不仅包括购买股票和债券,而且还包括购买年金。研究表明,将劳动力供给看作内生变量不仅能提高老年人股票持有量,而且能极大提高年轻人工作努力程度,显著改善个人一生福利。此外,引入年金也将导致老年人提前退休和更多参与金融活动。最后,如果考虑取决于年龄的闲暇偏好,随着接近退休年龄,个人将减少工作时间和股票持有量。

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