Optimal Time to Enter a Retirement Village

Optimal Time to Enter a Retirement Village

We consider the financial planning problem of a retiree wishing to enter a retirement village at a future uncertain date. The date of entry is determined by the retiree’s utility and bequest maximisation problem within the context of uncertain future health states. In addition, the retiree must choo...

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Bibliographic Details
Main Authors: Jinhui Zhang, Sachi Purcal, Jiaqin Wei
Format: Article
Language:English
Published: MDPI AG 2017-03-01
Series:Risks
Subjects:
retirement village
optimal control
optimal stopping, HARA, American put option
long-term care needs, costs and products for the elderly
disability/health state transitions
life-cycle modelling related to the retirement phase
Online Access:http://www.mdpi.com/2227-9091/5/1/20

Internet

http://www.mdpi.com/2227-9091/5/1/20

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