This paper solves the dynamic portfolio choice problem. Using an explicit solution with a power utility, we construct a bridge between a continuous and discrete VAR model to assess portfolio sensitivities. We find, from a well analyzed example that the optimal allocation to stocks is...

This study aims to shed light on the main characteristics of the French system for redistributing wealth to families through tax revenues and social transfers. For the purposes of this exercise, the authors used the MYRIADE microsimulation model, which covers most of the redistribution system,...