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A case at last for age-phased reduction in equity.

Maximizing expected utility over a lifetime leads one who has constant relative risk aversion and faces random-walk securities returns to be "myopic" and hold the same fraction of portfolio in equities early and late in life--a defiance of folk wisdom and casual introspection. By assuming...

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Podrobná bibliografie
Vydáno v:Proc Natl Acad Sci U S A
Hlavní autor: Samuelson, P A
Médium: Artigo
Jazyk:Inglês
Vydáno: National Academy of Sciences 1989
Témata:
On-line přístup:https://ncbi.nlm.nih.govhttps://pmc.ncbi.nlm.nih.gov/articles/PMC298430/
https://ncbi.nlm.nih.govhttps://pubmed.ncbi.nlm.nih.gov/2813438/
https://ncbi.nlm.nih.govhttps://doi.org/10.1073/pnas.86.22.9048
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