T. Sachi Purcal School of Actuarial Studies University of New South Wales...  Home/Search
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Abstract: This paper examines the question of lifetime personal financial planning ---how should individuals determine their optimal consumption, portfolio selection and life insurance needs? Although Richard (1975) provides the theoretical basis for suchamodel,nonumerical results from this model have been produced. The paper uses the Markov chain approximation method of Kushner (1977) to determine numerical results for Richard's model. This approximation method is general, and handles constraints... (Update)
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BibTeX entry: (Update)
@misc{ school-optimal,
author = "Sachi Purcal School",
title = "Optimal Consumption, Portfolio Selection and Life Insurance for Financial
Planning",
url = "citeseer.ist.psu.edu/410666.html" }
Citations (may not include all citations):34 Lifetime portfolio selection by dynamic stochastic programmi.. (context) - Samuelson - 1969
8 Risk and uncertainty: a fallacy of large numbers (context) - Samuelson - 1963
7 Stochastic consumption, risk aversion and the temporal behav.. (context) - Hansen, Singleton - 1983
6 Hedging in incomplete markets with HARA utility (context) - Duffie, Fleming et al. - 1997
3 A case at last for age-phased reduction in equity (context) - Samuelson
2 An optimal investment/consumption model with borrowing (context) - Fleming, Zariphopoulou - 1991
1 The judgement of economic science on rational portfolio mana.. (context) - Samuelson
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