写作句型积累

本文探讨了一种模型的理论分析,通过解决一阶条件并考虑模型不确定性,研究了投资策略的性能。文章分析了消费、资产持有和投资行为对财富动态的影响,以及参数变化对长期决策的敏感性。数值设置基于现实情况,结果与现有经验数据相符,具有经济意义。
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介绍

  1. In this paper, we address the task of
  2. We analyze/investigate/explore/examine
  3. **定理 suggests/indicates/shows
  4. Furthermore, in a realistic parameter setup, we conduct a simulation-based comparison study to examine the performance of the robust strategy and the significance of considering comprehensive model ambiguities. Our simulation study shows that, 

模型设定、求解

一阶条件为

the first order conditions for * and * are solved by 
把*代入*, 可得 Plugging these controls into the HJB equation leads to the PDE

定义

Denote **, as **
*** is defined by

试探解 

we make an ansatz for a solution in the form 

A natural conjecture is that

单调性分析

两种

  1. An increase in ** increases **.
  2. An increase in ** contributes to/indicates a decrease in **
  3. This mechanism works in the opposite direction
  4.  ** with high ** reduces** and increases stockholdings.(e.g. We also find that an individual with high leisure demand after retirement reduces consumption during retirement and increases stockholdings as retirement time approaches.) 

三种

  1. A higher ** reduces the influence of **on **
  2. Increasing α, *** has a bigger/more significant/considerable effect on **, which leads to ***.  (e.g.current consumption has a bigger effect on future habit levels, which leads the agent to lower consumption in the early years. )
  3. Finally, risk taking behaviour in investment will also be altered, as long-term investment horizons will increase in length and thus making risky assets more attractive

投资行为分析

  1. She invests more with increasing wealth in order to reach the buy level w
  2. Finally, risk taking behaviour in investment will also be altered, as long-term investment horizons will increase in length and thus making risky assets more attractive.

灵敏度分析意义

  1. Our analytical solution enables us to generate a set of testable predictions that are consistent with existing empirical evidence.
  2. Our results yield a set of empirical implications that are consistent with existing empirical evidence. 
  3. This finding is economically appealing as

数值设定

  • Values of other parameters used in this example are set as follows. 
  • The time horizon is set to be 0.125, whereas values of coefficients for constant relative-risk aversion are set as γ = 0.01. 
  • The discount rate δ equals 0.02, and the risk-free return rate r equals 0.025. 
  • Coefficient values for risky returns are given by μ = 0.08 and σ = 0.1. Income rates I1 (t) and I2 (t) are assumed to increase exponentially as I1 (t) = 4.8e0.04t and I2 (t) = 3.2e0.01t, respectively.
  • All figures correspond to t = 0.1, and strategy symbols with subscripts ‘‘1’’ and ‘‘2’’ correspond to the first and second wage earners, respectively. 

  1. 常用短语

分析

 analyze/investigate/explore/examine/

指出point out/ suggests/indicate/shows​​​
总之

Thus, in a nutshell 

与**一致shows remarkably conformity with

从某种意义上来说

in the sense that
详细说明elaborate/
代表proxy for (e.g. the parameters proxy for risk aversion in our problem formulation)

源于

arise from /stem from

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