Earticle

초록

영어

In this paper we study consumption-labor supply decision of an agent who prepares for retirement at a known time in the future. The agent is assumed to have a preference which is represented by a von Neumann-Morgenstern utility function in which the felicity function has constant relative risk aversion over the composite of consumption and leisure. The composite is obtained by a Cobb-Douglas function. A general problem has been studied by Bodie, Detemple, Otruba, and Walter (2004). We contribute to the literature by deriving Slutsky equations and conduct comparative statics. In particular, we show that the wealth eect can exhibit interesting property depending upon the time until retirement, as the interest rate increases.

목차

Abstract
 1 Introduction
 2 The Model
 3 Main Results
 4 The Model With Stock Investment
 5 Results
 6 Conclusion
 Appendix
 References

저자

• Bon-chun Koo [ This research was supported by WCU(World Class University) program through the National Research Foundation of Korea funded by the Ministry of Education, Science and Technology (R31-20007). ]
• Min-seok Kim [ Graduate Department of Financial Engineering, Ajou University ]
• Jisoo Koo [ College of Business Administration, Ajou University ]
• Hana Song [ College of Business Administration, Ajou University ]
• Hyo-bin Yoon [ College of Business Administration, Ajou University ]
• Hyeng Keun Koo [ Graduate Department of Financial Engineering, Ajou University ]

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• 간행물명

  한국재무학회 학술대회

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  2006~2024

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  KDC 325 DDC 330