91直播

91直播：刘敬真 教授（中央财经大学）

时间：2025年05月09日 15:00-

地点：理科楼LA103

摘要：In this paper, we study the optimal investment-consumption problem when a tax-favored private DC pension scheme is taken into consideration, which encourages individuals to participate in the pension plan and allows them to invest risky assets in the pension account. The innovation of this paper is that we consider both the regular investment and the private pension investment, as well as his consumption and pension contribution decision. To emphasize the role

of tax incentives in pension contribution decisions, a continuous tax function with respect to his disposable wage income is introduced. The optimal problems with different terminal utilities are solved by the martingale approach and the semi-analytical solutions for a special case with CRRA utility are derived. Moreover, we conduct a series of numerical simulations to investigate the effects of different parameters and some important factors, that influence decisions, are

obtained. From our model, some economic phenomena related to private pension schemes can be explained.

邀请人：张志民

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