We study an optimal consumption, investment, and retirement decision of an economic agent with borrowing constraints under a general class of utility functions. We transform the problem into a dual two-person zero-sum game, which involves two players: a stopper who is a maximizer and chooses a...

In this paper, we study the economic effects of social insurance benefits for retired people. Specifically, we study a model in which all retired people are provided with a stream of payments by the social insurance program and investigate the consumption, investment, and retirement decisions....