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Sehr geehrte Fakultätsmitglieder,<br>
<br>
anbei ein Nachtrag , der Vortragsankündigungen für diese Woche.<br>
<br>
Mit freundlichen Grüßen<br>
<br>
Danijela Radosavljevic<br>
<br>
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<p class="MsoNormal"><b style="mso-bidi-font-weight:normal">Donnerstag,
13.
Dezember 2012, von 17:00 Uhr bis 18:30 Uhr, Seminarraum D 101,
UZA 4<o:p></o:p></b></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight:normal"><span
style="color:#0070C0">Vortrag im Rahmen des Seminars
Finanzmathematik </span><o:p></o:p></b></p>
<p class="MsoNormal" style="tab-stops:45.8pt 91.6pt 137.4pt 183.2pt
229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt
595.4pt 641.2pt 687.0pt 732.8pt"><b
style="mso-bidi-font-weight:normal"><span
style="mso-ansi-language:
EN-GB" lang="EN-GB">Paolo Guasoni: Loss Aversion and
Retirement Planning <o:p></o:p></span></b></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight:normal"><span
style="mso-ansi-language:EN-GB" lang="EN-GB"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><i style="mso-bidi-font-style:normal"><span
style="font-size:11.0pt;mso-ansi-language:EN-GB" lang="EN-GB">Abstract:
We solve a model of
consumption and investment for an agent who is averse to
declines<br>
in the
standard of living, assuming constant investment opportunities
and an infinite
horizon. <br>
The optimal policy is to consume at a constant rate, as long
as this
rate remains between two <br>
endogenous fractions of wealth. In good times,
consumption rises to keep the consumption/wealth ratio above a
minimum level.<br>
In bad times, consumption declines below the desired level,
as to keep the
portfolio solvent. Loss aversion reduces substantially <br>
the exposure to risky
assets, implying an effective risk aversion much higher than
the agent's true
risk aversion.<span style="mso-spacerun:yes"> </span><o:p></o:p></span></i></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight:normal"><span
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<p class="MsoNormal"><b style="mso-bidi-font-weight:normal"><span
style="mso-ansi-language:EN-GB" lang="EN-GB">Link </span></b><a
href="http://www.mat.univie.ac.at/%7Efinance_hp/seminarWS12.html"><b
style="mso-bidi-font-weight:normal"><span
style="mso-ansi-language:
EN-GB" lang="EN-GB">http://www.mat.univie.ac.at/~finance_hp/seminarWS12.html</span></b></a><br>
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