Less is more: increasing retirement gains by using an upside terminal wealth constraint

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dc.contributor.author	Donnelly, Catherine
dc.contributor.author	Gerrard, Russell
dc.contributor.author	Guillén, Montserrat
dc.contributor.author	Nielsen, Jens Perch
dc.date	2016-04-26T07:02:48Z
dc.date	2016-04-26T07:02:48Z
dc.date	2015
dc.identifier.uri	http://hdl.handle.net/2445/97861
dc.format	23 p.
dc.format	application/pdf
dc.language.iso	eng
dc.publisher	Universitat de Barcelona. Riskcenter
dc.relation	Reproducció del document publicat a: http://www.ub.edu/riskcenter/research/WP/UBriskcenterWP201502.pdf
dc.relation	UB Riskcenter Working Paper Series, 2015/02
dc.relation	[WP E-RC15/02]
dc.rights	cc-by-nc-nd, (c) Donnelly et al., 2015
dc.rights	info:eu-repo/semantics/openAccess
dc.rights	http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject	Estalvi
dc.subject	Jubilació
dc.subject	Plans de pensions
dc.subject	Anàlisi financera
dc.subject	Saving
dc.subject	Retirement
dc.subject	Pension trusts
dc.subject	Investment analysis
dc.title	Less is more: increasing retirement gains by using an upside terminal wealth constraint
dc.type	info:eu-repo/semantics/workingPaper
dc.description.abstract	We solve a portfolio selection problem of an investor with a deterministic savings plan who aims to have a target wealth value at retirement. The investor is an expected power utility-maximizer. The target wealth value is the maximum wealth that the investor can have at retirement. By constraining the investor to have no more than the target wealth at retirement, we find that the lower quartiles of the terminal wealth distribution increase, so the risk of poor financial outcomes is reduced. The drawback of the optimal strategy is that the possibility of gains above the target wealth are eliminated.

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