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...
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| 發表在: | Proc Natl Acad Sci U S A |
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| 主要作者: | |
| 格式: | Artigo |
| 語言: | Inglês |
| 出版: |
National Academy of Sciences
1989
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| 主題: | |
| 在線閱讀: | 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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