Optimal Voluntary Retirement under the Mandatory Retirement Scheme
- 주제(키워드) Optimal retirement , Mandatory scheme , critical wealth level
- 발행기관 아주대학교
- 지도교수 Shim Gyoocheol
- 발행년도 2015
- 학위수여년월 2015. 8
- 학위명 석사
- 학과 일반대학원 금융공학과
- 실제URI http://www.dcollection.net/handler/ajou/000000020543
- 본문언어 영어
- 저작권 아주대학교 논문은 저작권에 의해 보호받습니다.
초록/요약
With the development of the financial market, early retirement is possible. In this paper, I investigate an optimal voluntary retirement policy of an ecomomic agent who is a wage earner with a fixed mandatory retirement time. The retirement policy is chosen considering the trade-off between labor income and utility loss from labor. I transform the original problem to a pure optimal stopping problem by applying the martingale and duality argument, and use the binomail method to obtain the numericlal solutions for the optimal retirement policy. I also provide some comparative statics with the numerical solutions
more목차
Abstract...........................................................i
Contents..........................................................ii
1.Introduction....................................................1
2.Setup the Model.............................................3
3. Binomial Tree Method....................................10
3.1 The General Idea of Binomial Method.............10
3.2 The Optimal Retirement Boundary..................10
3.3 Undertake in Visual Studio............................12
4.Least Square Method......................................14
5. The Result...................................................17
6. Conclusion...................................................24
7. Reference....................................................25
