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 one needs...
Na minha lista:
| Udgivet i: | Proc Natl Acad Sci U S A |
|---|---|
| Hovedforfatter: | |
| Format: | Artigo |
| Sprog: | Inglês |
| Udgivet: |
National Academy of Sciences
1989
|
| Fag: | |
| Online adgang: | 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 |
| Tags: |
Ingen Tags, Vær først til at tagge denne postø!
|