The purpose of this paper is to study the optimal retirement and consumption/investment decisions of an infinitely lived agent who does not tolerate any decline in his/her consumption throughout his/her lifetime. The agent receives labor income but suffers disutility from working until...

We study the consumption and portfolio selection problem of a finitely lived agent who derives utility from the stock of durable goods. We show that the agent's effective relative risk aversion implied by the optimal portfolio tends to decline and approaches zero, as the planning horizon...

We study an optimal consumption, investment, life insurance, and retirement decision of an economic agent who has an option to retire early any time before the mandatory retirement date. We conduct a thorough theoretical analysis for the optimal retirement problem with general utility function...

In this paper, we investigate the impact of the option to retire and subsequently reverse that decision on an individual's consumption and portfolio decisions. The two job status states considered are the working state, which generates positive labor income, and the retirement state with zero...

We study asset pricing with consumption frictions. Frictions in consumption include adjustment costs which prevent a consumer from adjusting consumption freely, due to transaction costs, commitments, search and learning costs, and psychological costs. The stochastic discount factor is determined...

We explore an optimal token holding and staking problem for cryptocurrency investors. Our investigation revolves around understanding the tradeoff between staking rewards/utility and the consequent illiquidity that emerges as a result of investor heterogeneity and the distinct structure of...