Article : texte imprimé

Optimal housing, consumption, and investment decisions over the life cycle

Holger Kraft, Auteur ; Claus Munk, Auteur |

Dans Management science (Vol. 57 N° 6, Juin 2011)

We derive explicit solutions to life-cycle utility maximization problems involving stock and bond investment, perishable consumption, and the rental and ownership of residential real estate. Prices of houses, stocks and bonds, and labor income a[...]

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