This paper formulates a model of retirement behavior based on the solution to a stochastic dynamic programming problem … the sequential nature f the retirement decision problem, and the role of expectations of uncertain future variables such … employment, assets, and social security retirement, disability and medicare payments. This paper applies a "nested fixed point …

Consider a robust retirement decision problem for a risk- and ambiguity-averse investor concerned about return … ambiguity. We characterize the robust retirement time using the free boundary and derive the robust consumption and investment …

This paper formulates a model of retirement behavior based on the solution to a stochastic dynamic programming problem … the sequential nature f the retirement decision problem, and the role of expectations of uncertain future variables such … employment, assets, and social security retirement, disability and medicare payments. This paper applies a "nested fixed point …

The optimal retirement decision is essentially an optimal stopping problem when retirement is irreversible. We … investigate the optimal consumption, investment and retirement problem when the growth rate is unobservable and is estimated by … link the dual problem to an American option with stochastic volatility, and prove for the close of duality gap. The theory …