英文标题：
《Retirement spending and biological age》
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作者：
Huaxiong Huang, Moshe A. Milevsky, Thomas S. Salisbury
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最新提交年份：
2018
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英文摘要：
  We solve a lifecycle model in which the consumer\'s chronological age does not move in lockstep with calendar time. Instead, biological age increases at a stochastic non-linear rate in time like a broken clock that might occasionally move backwards. In other words, biological age could actually decline. Our paper is inspired by the growing body of medical literature that has identified biomarkers which indicate how people age at different rates. This offers better estimates of expected remaining lifetime and future mortality rates. It isn\'t farfetched to argue that in the not-too-distant future personal age will be more closely associated with biological vs. calendar age. Thus, after introducing our stochastic mortality model we derive optimal consumption rates in a classic Yaari (1965) framework adjusted to our proper clock time. In addition to the normative implications of having access to biological age, our positive objective is to partially explain the cross-sectional heterogeneity in retirement spending rates at any given chronological age. In sum, we argue that neither biological nor chronological age alone is a sufficient statistic for making economic decisions. Rather, both ages are required to behave rationally.
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中文摘要：
我们解决了一个生命周期模型，在该模型中，消费者的实际年龄不会与日历时间同步移动。相反，生物年龄在时间上以随机非线性速率增长，就像一个破碎的时钟，可能偶尔向后移动。换句话说，生物年龄实际上可能会下降。我们的论文受到越来越多的医学文献的启发，这些文献已经确定了生物标志物，这些标志物表明了人们如何以不同的速度衰老。这提供了对预期剩余寿命和未来死亡率的更好估计。认为在不久的将来，个人年龄将与生理年龄和日历年龄更密切相关，这并不牵强。因此，在引入我们的随机死亡率模型后，我们在经典的Yaari（1965）框架中推导出了调整到适当时钟时间的最优消费率。除了获得生物年龄的规范性含义外，我们的积极目标是部分解释任何给定年龄段退休支出率的横截面异质性。总之，我们认为，无论是生物年龄还是按年代排列的年龄都不足以作为做出经济决策的统计数据。相反，这两个年龄段都需要理性行事。
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：Mathematical Finance        数学金融学
分类描述：Mathematical and analytical methods of finance, including stochastic, probabilistic and functional analysis, algebraic, geometric and other methods
金融的数学和分析方法，包括随机、概率和泛函分析、代数、几何和其他方法
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