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Optimal Voluntary Retirement under the Mandatory Retirement Scheme
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.advisor | Shim Gyoocheol | - |
| dc.contributor.author | Wu Chunxue | - |
| dc.date.accessioned | 2019-10-21T07:25:16Z | - |
| dc.date.available | 2019-10-21T07:25:16Z | - |
| dc.date.issued | 2015-08 | - |
| dc.identifier.other | 20543 | - |
| dc.identifier.uri | https://dspace.ajou.ac.kr/handle/2018.oak/18687 | - |
| dc.description | 학위논문(석사)--아주대학교 일반대학원 :금융공학과,2015. 8 | - |
| dc.description.tableofcontents | 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 | - |
| dc.language.iso | eng | - |
| dc.publisher | The Graduate School, Ajou University | - |
| dc.rights | 아주대학교 논문은 저작권에 의해 보호받습니다. | - |
| dc.title | Optimal Voluntary Retirement under the Mandatory Retirement Scheme | - |
| dc.type | Thesis | - |
| dc.contributor.affiliation | 아주대학교 일반대학원 | - |
| dc.contributor.department | 일반대학원 금융공학과 | - |
| dc.date.awarded | 2015. 8 | - |
| dc.description.degree | Master | - |
| dc.identifier.localId | 705443 | - |
| dc.identifier.url | http://dcoll.ajou.ac.kr:9080/dcollection/jsp/common/DcLoOrgPer.jsp?sItemId=000000020543 | - |
| dc.subject.keyword | Optimal retirement | - |
| dc.subject.keyword | Mandatory scheme | - |
| dc.subject.keyword | critical wealth level | - |
| dc.description.alternativeAbstract | 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 | - |
- Appears in Collections:
- Graduate School of Ajou University > Department of Financial Engineering > 3. Theses(Master)
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