This article studies optimal consumption-leisure, portfolio and retirement selection of an infinitely lived investor whose preference is formulated by a-maxmin expected CES utility which is to differentiate ambiguity ...This article studies optimal consumption-leisure, portfolio and retirement selection of an infinitely lived investor whose preference is formulated by a-maxmin expected CES utility which is to differentiate ambiguity and ambiguity attitude. Adopting the recursive multiple- priors utility and the technique of backward stochastic differential equations （BSDEs）, we transform the （^-maxmin expected CES utility into a classical expected CES utility under a new probability measure related to the degree of an investor＇s uncertainty. Our model investi- gates the optimal consumption-leisure-work selection, the optimal portfolio selection, and the optimal stopping problem. In this model, the investor is able to adjust her supply of labor flex- ibly above a certain minimum work-hour along with a retirement option. The problem can be analytically solved by using a variational inequality. And the optimal retirement time is given as the first time when her wealth exceeds a certain critical level. The optimal consumption-leisure and portfolio strategies before and after retirement are provided in closed forms. Finally, the distinctions of optimal consumption-leisure, portfolio and critical wealth level under ambiguity from those with no vagueness are discussed.展开更多
Consumption-oriented daily life resulted in new forms of consumption spaces in many cities. Among these spaces, shopping malls are significant with their improved physical and social environments for consumption and l...Consumption-oriented daily life resulted in new forms of consumption spaces in many cities. Among these spaces, shopping malls are significant with their improved physical and social environments for consumption and leisure for all the family. One of the important marginalized groups, to whom the mall appeals, are young people. Within this framework, the main purpose of this study is to investigate the consumption and leisure practices and experiences of young people in Turkey from their point of view. Migros, a shopping mall in Ankara, was chosen as the site for this research, where both consumption and leisure practices are overlapping within the same space. The research was carried out through observation and in-depth interviews with 104 teenagers. The results indicated that shopping malls were the main leisure and consumption site for teenagers. Teenagers＇ choice of malls as their favorite leisure and consumption space were found to be the result of some factors such as restrictions which were provoked by their parents, security concerns, location of the mall, and accessibility and limited financial resources. These factors seemed to lead to restrictions in the choice of places to spend their leisure time and limit the use of leisure spaces other than malls. As a consumer group in the mall space, teenagers had some complaints about the prices of facilities which seemed to be influential on their choices of consumption and leisure practices in the mall environment.展开更多
The optimal job choice,consumption and portfolio decision-making of economic agents under inflationary environment for a continuous infinite time are studied.The agent’s preference is characterized by the Cobb-Dougla...The optimal job choice,consumption and portfolio decision-making of economic agents under inflationary environment for a continuous infinite time are studied.The agent’s preference is characterized by the Cobb-Douglas utility function with two variables of consumption and leisure.The economic agent invests in three kinds of assets:risk-free bonds,inflation index bonds and risky assets.The agent has two kinds of working conditions:One is the work with high income and little leisure time,and the other is the work with low income and much leisure time.Firstly,the real wealth process after inflation discount is derived by using Itôformula.Then,based on the expected utility maximization standard under any working state,martingale method is adopted to obtain the closed form solution of optimal job choice,consumption and portfolio decision-making.Finally,the effects of wealth and inflation volatility on the optimal consumption and portfolio strategies are quantitatively analyzed by numerical simulation with given parameters.展开更多
基金Supported by National Natural Science Foundation of China (71171003, 71271003)Programming Fund Project of the Humanities and Social Sciences Research of the Ministry of Education of China (12YJA790041)+1 种基金Anhui Natural Science Foundation (090416225, 1208085MG116)Anhui Natural Science Foundation of Universities (KJ2010A037, KJ2010B026)
文摘This article studies optimal consumption-leisure, portfolio and retirement selection of an infinitely lived investor whose preference is formulated by a-maxmin expected CES utility which is to differentiate ambiguity and ambiguity attitude. Adopting the recursive multiple- priors utility and the technique of backward stochastic differential equations （BSDEs）, we transform the （^-maxmin expected CES utility into a classical expected CES utility under a new probability measure related to the degree of an investor＇s uncertainty. Our model investi- gates the optimal consumption-leisure-work selection, the optimal portfolio selection, and the optimal stopping problem. In this model, the investor is able to adjust her supply of labor flex- ibly above a certain minimum work-hour along with a retirement option. The problem can be analytically solved by using a variational inequality. And the optimal retirement time is given as the first time when her wealth exceeds a certain critical level. The optimal consumption-leisure and portfolio strategies before and after retirement are provided in closed forms. Finally, the distinctions of optimal consumption-leisure, portfolio and critical wealth level under ambiguity from those with no vagueness are discussed.
文摘Consumption-oriented daily life resulted in new forms of consumption spaces in many cities. Among these spaces, shopping malls are significant with their improved physical and social environments for consumption and leisure for all the family. One of the important marginalized groups, to whom the mall appeals, are young people. Within this framework, the main purpose of this study is to investigate the consumption and leisure practices and experiences of young people in Turkey from their point of view. Migros, a shopping mall in Ankara, was chosen as the site for this research, where both consumption and leisure practices are overlapping within the same space. The research was carried out through observation and in-depth interviews with 104 teenagers. The results indicated that shopping malls were the main leisure and consumption site for teenagers. Teenagers＇ choice of malls as their favorite leisure and consumption space were found to be the result of some factors such as restrictions which were provoked by their parents, security concerns, location of the mall, and accessibility and limited financial resources. These factors seemed to lead to restrictions in the choice of places to spend their leisure time and limit the use of leisure spaces other than malls. As a consumer group in the mall space, teenagers had some complaints about the prices of facilities which seemed to be influential on their choices of consumption and leisure practices in the mall environment.
基金This research was supported by the National Natural Science Foundation of China(No.71571001)and the Natural Science Foundation of Anhui Province(No.KJ2020A0369)。
文摘The optimal job choice,consumption and portfolio decision-making of economic agents under inflationary environment for a continuous infinite time are studied.The agent’s preference is characterized by the Cobb-Douglas utility function with two variables of consumption and leisure.The economic agent invests in three kinds of assets:risk-free bonds,inflation index bonds and risky assets.The agent has two kinds of working conditions:One is the work with high income and little leisure time,and the other is the work with low income and much leisure time.Firstly,the real wealth process after inflation discount is derived by using Itôformula.Then,based on the expected utility maximization standard under any working state,martingale method is adopted to obtain the closed form solution of optimal job choice,consumption and portfolio decision-making.Finally,the effects of wealth and inflation volatility on the optimal consumption and portfolio strategies are quantitatively analyzed by numerical simulation with given parameters.
