A buy-hold-sell pension saving strategy
提出一种买入持有卖出（BHS）确定性生命周期策略，将储蓄先全部投入风险资产，到指定年龄后转为无风险资产，并在领取阶段根据年龄调整年金化因子提取资金，该策略对HARA风险偏好投资者最优，且对CRRA偏好投资者表现接近最优，优于常见实践策略。
We propose a ‘buy, hold, sell’ ( BHS ) deterministic lifecycle strategy that involves buying and holding assets until they are sold to generate income. Savings are invested entirely into a risky portfolio until a pre-specified ‘switch age’ and then entirely into a risk-free portfolio after the switch age, followed by withdrawing during the payout phase from both portfolios based on annuitization factors that vary with age. We also allow for access to mortality credits through an insurance market. We analytically derive the dynamics of the investment strategy and show that the strategy is optimal for a range of investors with HARA risk preferences. We demonstrate numerically that the BHS strategy delivers limited loss of utility versus an optimal solution for investors with CRRA preferences and low-moderate levels of risk aversion while significantly outperforming deterministic strategies commonly seen in practice. The BHS strategy offers an attractive alternative for practical applications as it is straightforward to apply while avoiding the need for dynamic optimization and portfolio rebalancing.