江蘇省應用數學（中國礦業大學）中心系列學術報告
報告題目：Optimal Early Retirement under Target Wealth
報告人： 田衛東教授 美國北卡羅萊納大學夏洛特分校
報告時間：2023/6/9（周五）16:00-17:00
報告地點： 伟德bvA321
報告摘要：
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.
報告人簡介：
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.