As the effective labor market exit observed in most OECD countries is lower than the
corresponding official retirement age, the question concerning the driving factors for an early …

We address an optimal consumption–investment–retirement problem with stochastic labor
income. We study the Merton problem assuming that the agent has to take four different …

We investigate a portfolio selection problem involving an agent's realistic housing service
choice, where the agent not only has to choose the size of house to live in, but also has to …

This paper studies optimal decision-making for investment, consumption and life insurance
with state-dependent utilities in continuous time. It is supposed that an economic agent has …

A stochastic portfolio optimization problem with default risk on an infinite time horizon is
investigated. The default risk premium and the default intensity corresponding to the …

We investigate the optimal consumption, portfolio, and voluntary retirement choice problem
in which an agent faces both pre-/post-retirement downside consumption constraints. We …

We study the investment–consumption choice problem with voluntary retirement and
upside/downside consumption constraints in infinite horizon, which can be formulated as a …

We consider the optimal consumption and portfolio choice problem with constant absolute
risk aversion (CARA) utility and a subsistence consumption constraint. A subsistence …

In this paper, we derive an explicit solution to the utility maximization problem of an
individual with mortality risk and subsistence consumption constraint. We adopt an …

In this paper, we investigate an optimal consumption/portfolio problem of an agent with
voluntary retirement and subsistence consumption constraints before retirement. We …