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Please use this identifier to cite or link to this item: http://hdl.handle.net/2445/97861
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dc.contributor.authorDonnelly, Catherine-
dc.contributor.authorGerrard, Russell-
dc.contributor.authorGuillén, Montserrat-
dc.contributor.authorNielsen, Jens Perch-
dc.date.accessioned2016-04-26T07:02:48Z-
dc.date.available2016-04-26T07:02:48Z-
dc.date.issued2015-
dc.identifier.urihttp://hdl.handle.net/2445/97861-
dc.description.abstractWe solve a portfolio selection problem of an investor with a deterministic savings plan who aims to have a target wealth value at retirement. The investor is an expected power utility-maximizer. The target wealth value is the maximum wealth that the investor can have at retirement. By constraining the investor to have no more than the target wealth at retirement, we find that the lower quartiles of the terminal wealth distribution increase, so the risk of poor financial outcomes is reduced. The drawback of the optimal strategy is that the possibility of gains above the target wealth are eliminated.ca
dc.format.extent23 p.-
dc.format.mimetypeapplication/pdf-
dc.language.isoengca
dc.publisherUniversitat de Barcelona. Riskcenterca
dc.relation.isformatofReproducció del document publicat a: http://www.ub.edu/riskcenter/research/WP/UBriskcenterWP201502.pdf-
dc.relation.ispartofUB Riskcenter Working Paper Series, 2015/02-
dc.relation.ispartofseries[WP E-RC15/02]-
dc.rightscc-by-nc-nd, (c) Donnelly et al., 2015-
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/es/-
dc.sourceUB RISKCENTER – Working Papers Series-
dc.subject.classificationEstalvicat
dc.subject.classificationJubilaciócat
dc.subject.classificationPlans de pensionscat
dc.subject.classificationAnàlisi financeracat
dc.subject.otherSavingeng
dc.subject.otherRetirementeng
dc.subject.otherPension trustseng
dc.subject.otherInvestment analysiseng
dc.titleLess is more: increasing retirement gains by using an upside terminal wealth constraintca
dc.typeinfo:eu-repo/semantics/workingPaperca
dc.rights.accessRightsinfo:eu-repo/semantics/openAccessca
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