Carregant...
Tipus de document
Document de treballData de publicació
Llicència de publicació
Si us plau utilitzeu sempre aquest identificador per citar o enllaçar aquest document: https://hdl.handle.net/2445/97861
Less is more: increasing retirement gains by using an upside terminal wealth constraint
Títol de la revista
Director/Tutor
ISSN de la revista
Títol del volum
Recurs relacionat
Resum
We 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.
Matèries
Matèries (anglès)
Citació
Col·leccions
Citació
DONNELLY, Catherine, GERRARD, Russell, GUILLÉN, Montserrat, NIELSEN, Jens perch. Less is more: increasing retirement gains by using an upside terminal wealth constraint. _UB Riskcenter Working Paper Series_. 2015/02. [consulta: 21 de gener de 2026]. [Disponible a: https://hdl.handle.net/2445/97861]