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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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| Formato: | Artigo |
| Lenguaje: | Inglês |
| Publicado: |
1989
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| Materias: | |
| Acceso en línea: | https://ncbi.nlm.nih.gov/pmc/articles/PMC298430/ https://ncbi.nlm.nih.gov/pubmed/2813438 |
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