Multiperiod Financial Planning
开发了一种新的资产配置算法，基于个人年龄和收入特征提供最优储蓄分配的一致近似，并利用1926-1981年的数据求解终身消费投资问题，发现中年人对投资机会变化的敏感度最高。
A new algorithm for asset allocation is developed. The algorithm provides consistent approximations to the optimal savings allocations which are dependent upon personal characteristics such as age and income. Numerical analysis is used to solve an individual's lifetime consumption-investment problem on an annual basis within a context of complete markets and nonmarketable income. The investment opportunity set approximates that which was available (expost) during the 1926–1981 period. Relative risk aversion in wealth is highest for the elderly, lowest for the middle aged (less than ½ of that of the elderly) with young adults in the midrange despite the imposition of additive isoelastic utility of consumption. Moreover, the sensitivity of optimal portfolio proportions to changes in the opportunity set is greatest for the middle aged.