Optimal Investment, Consumption and Leisure with an Option to File for Bankruptcy
This paper investigates the optimal personal bankruptcy decision of a debtor who participates in the labor market. This paper is based on a mathematical finance model that assumes a Black-Scholes financial market and describes a decision problem as an expected discounted utility maximization problem...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
MDPI AG
2020-05-01
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| Series: | Symmetry |
| Subjects: | |
| Online Access: | https://www.mdpi.com/2073-8994/12/5/827 |