optimal retirement portfolio loss aversion hyperbolic discounting reference dependence
Abstract:
The aim of this dissertation is to design and analyze behavioral decision models for the retirement phase of the life-cycle.
The proposed decision models combine expected utility theory with the behavioral apects hyperbolic discounting, loss aversion and reference dependence.
A thorough optimization is conducted within the models to find the optimal insurance endowments, investment and consumption plans and bequest sizes.
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