<> "The repository administrator has not yet configured an RDF license."^^ . <> . . . "Longevity assets and pre-retirement consumption/portfolio\r\ndecisions"^^ . "We derive a closed form solution for the optimal consumption/investment problem of an agent whose force of mortality is stochastic and whose financial horizon coincides with a fixed retirement date. The investment set includes a longevity asset, as a derivative on the force of mortality. We explore the optimal choices of a representative agent having Hyperbolic Absolute Risk Aversion preferences on both consumption and final\r\nwealth. Our numerical analysis shows that individuals optimally invest a large fraction of their wealth in the longevity asset. In our base scenario, calibrated on real world data, a 60-year old male retiring after 5 years should invest around 88% of his wealth in the longevity asset. Such a percentage decreases as time to retirement decreases. We explore sensitivity of our results to market and individual characteristics. "^^ . "2015-05" . . "2" . . "IMT Institute for Advanced Studies"^^ . . . . . . . . . . "Luca"^^ . "Regis"^^ . "Luca Regis"^^ . . "Francesco"^^ . "Menoncin"^^ . "Francesco Menoncin"^^ . . . . . . "Longevity assets and pre-retirement consumption/portfolio\r\ndecisions (PDF)"^^ . . . . . . "File unico.pdf"^^ . . . "Longevity assets and pre-retirement consumption/portfolio\r\ndecisions (Other)"^^ . . . . . . "lightbox.jpg"^^ . . . "Longevity assets and pre-retirement consumption/portfolio\r\ndecisions (Other)"^^ . . . . . . "preview.jpg"^^ . . . "Longevity assets and pre-retirement consumption/portfolio\r\ndecisions (Other)"^^ . . . . . . "medium.jpg"^^ . . . "Longevity assets and pre-retirement consumption/portfolio\r\ndecisions (Other)"^^ . . . . . . "small.jpg"^^ . . "HTML Summary of #2666 \n\nLongevity assets and pre-retirement consumption/portfolio \ndecisions\n\n" . "text/html" . . . "HB Economic Theory"@en . .