近期，我院罗丹老师与合作者的论文 Optimal investor life cycle decisions with time-inconsistent preferences（时间不一致偏好下投资者的最优生命周期决策）发表在金融学科一流期刊 Journal of Banking & Finance（简称“JBF”）上。在线资源请点击“阅读原文”获取链接。
Optimal investor life cycle decisions with time-inconsistent preferences
Shumin Chen, Dan Luo, Haixiang Yao
Journal of Banking and Finance 161, 107115.
Journal of Banking & Finance
Journal of Banking & Finance 由Elsevier出版，主要发表银行与金融等领域的理论和实证论文，期刊收录于SSCI，为国际学术界公认的金融子领域顶级期刊（JCR分区Q2、中科院分区2区、ABS三*），该期刊近五年的影响因子为4.6。
罗丹
罗丹
上海财经大学金融学院常任教授、博士生导师。主要从事资产管理和定价、财务管理、风险管理等领域的研究。成果被国际一流期刊 Mathematics of Operations Research (x1) 和 Management Science (x2) 录用。研究工作曾在包括美国金融管理协会（FMA）年会、中国金融学年会等国际会议获得最佳论文奖，被欧洲金融协会（EFA）年会收录。现主持国家自然科学基金面上项目。
Optimal investor life cycle decisions with time-inconsistent preferences
Shumin Chen, Dan Luo, Haixiang Yao
We examine the lifetime decisions of an investor with time-inconsistent preferences, obtaining optimal time- consistent strategies for investment, consumption, and life insurance premiums explicitly under a stationary Markov perfect equilibrium framework. We find that the investor increases consumption to seek immediate gratification, and simultaneously increases life insurance purchasing to fulfill a legacy need. However, at a later stage in the life cycle, the investor confronts slower wealth accumulation and reduces consumption and life insurance purchasing accordingly. We also investigate the effects of naivete, degree of time inconsistency, risk preferences, legacy weight, insurance cost, death duty, and labor income on the investor’s decision making. Our study reveals the balance of consumption, bequest, and terminal wealth motives in life cycle decisions featuring microfounded bequest utility and stochastic labor income.
