介绍
- In this paper, we address the task of
- We analyze/investigate/explore/examine
- **定理 suggests/indicates/shows
- 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
- An increase in ** increases **.
- An increase in ** contributes to/indicates a decrease in **
- This mechanism works in the opposite direction
- ** 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
- A higher ** reduces the influence of **on **
- 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. )
- 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
- She invests more with increasing wealth in order to reach the buy level wb s
- 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
- Our analytical solution enables us to generate a set of testable predictions that are consistent with existing empirical evidence.
- Our results yield a set of empirical implications that are consistent with existing empirical evidence.
- 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.
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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 |