Title of article :
An optimal investment, consumption, leisure, and voluntary retirement problem with Cobb–Douglas utility: Dynamic programming approaches
Author/Authors :
Koo، نويسنده , , Jung Lim and Koo، نويسنده , , Byung Lim and Shin، نويسنده , , Yong Hyun، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2013
Abstract :
We consider an optimal consumption, leisure, investment, and voluntary retirement problem for an agent with a Cobb–Douglas utility function. Using dynamic programming, we derive closed form solutions for the value function and optimal strategies for consumption, leisure, investment, and retirement.
Keywords :
Voluntary retirement , Consumption and leisure , dynamic programming method , Portfolio Selection , Cobb–Douglas utility
Journal title :
Applied Mathematics Letters
Journal title :
Applied Mathematics Letters
