Ding, Jie; Kingston, Geoffrey; Purcal, Sachi - In: Journal of Economic Dynamics and Control 38 (2014) C, pp. 65-71
Luxury bequests impart systematic effects of age to an investor's optimal allocation: the expected percentage allocation to equities rises throughout retirement. When bequests are luxuries the marginal utility of bequests declines more slowly than the marginal utility of consumption. This is...