江苏省应用数学（中国矿业大学）中心系列学术报告
报告题目：Optimal Early Retirement under Target Wealth
报告人： 田卫东教授 美国北卡罗莱纳大学夏洛特分校
报告时间：2023/6/9（周五）16:00-17:00
报告地点： 마카오 슬롯 머신 잭팟A321
报告摘要：
As conventional wisdom, a retiree must accumulate a multiplier (such as 10) of the annual income for retirement. This paper studies whether this retirement role is optimal from an optimal portfolio choice perspective. In a standard life-cycle model, we present an analytical expression of the optimal saving-investment strategy and early retirement time when the retirement wealth is greater than a general threshold. The early retirement effect reduces consumption and the marginal propensity to consume (MPC). The proportion of financial wealth in stocks displays an inverse-humped shape to wealth before retirement. By calibrating this model, we demonstrate that this conventional wisdom for retirement is only optimal when the agent is very aggressive. By contrast, this retirement role is optimal for a conservative agent only when the multiplier is large. Our results help explain consumption and investment patterns across different generations. Moreover, this target-wealth methodology could be an attractive alternative to target-date funds.
报告人简介：
Dr. Weidong Tian is currently a professor of finance and distinguished professor of risk management and insurance. Prior to coming to UNC Charlotte, Prof. Tian served as a faculty member at the University of Waterloo and a visiting scholar at the Sloan School of Management at MIT. His primary research interests are asset pricing, and derivative and risk management. Prof. Tian has published in many academic journals including Review of Financial Studies, Management Science, Finance and Stochastics, Mathematical Finance, and Annals of Applied Probability.