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Optimal Voluntary Retirement under the Mandatory Retirement Scheme
- Author(s)
- Wu Chunxue
- Advisor
- Shim Gyoocheol
- Department
- 일반대학원 금융공학과
- Publisher
- The Graduate School, Ajou University
- Publication Year
- 2015-08
- Language
- eng
- Alternative Abstract
- 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
- Fulltext
- Appears in Collections:
- Graduate School of Ajou University > Department of Financial Engineering > 3. Theses(Master)
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