This paper derives optimal life cycle portfolio asset allocations as well as annuity purchases trajectories for a consumer who can select her hours of work and

This paper numerically solves the optimal life-cycle portfolio choice when the model is calibrated to match the empirical retirement age distribution: people te

We develop a machine-learning solution algorithm to solve for optimal portfolio choice in a detailed and quantitatively-accurate lifecycle model that includes m

This paper analyzes optimal portfolio decisions of long-horizon investors with undiversifiable labor income risk and exogenous expected retirement and lifetime

Academic finance has had a remarkable impact on many financial services. Yet long-term investors have received curiously little guidance from academic financial