Cai, Mingchao; Zhao, Jun; Pan, Rulu; Huang, Haozhi - In: China Finance Review International 3 (2013) 2, pp. 117-130
method to solve dynamic stochastic optimal problem. Findings – When risk of labor income is considered, ratio of risky asset … risky assets holdings: lower labor income growth expectations, higher labor income risk or higher labor and financial market … income risk, and covariance between labor income and risk asset. …