简介:Thispaperstudiestheoptimalconsumption-investmentstrategywithHeston’sstochasticvolatility(SV)modelunderhyperbolicabsoluteriskaversion(HARA)utilitycriterion.Thefinancialmarketiscomposedofarisk-lessassetandariskyasset,whosepriceprocessissupposedtobedrivenbyHeston’sSVmodel.TheriskypreferenceoftheindividualisassumedtosatisfyHARAutility,whichrecoverspowerutility,exponentialutilityandlogarithmutilityasspecialcases.HARAutilityisofgeneralframeworkintheutilitytheoryandisseldomstudiedintheexistingliteratures.Legendretransform-dualtechniquealongwithstochasticdynamicprogrammingprincipleispresentedtodealwithourproblemandtheclosed-formsolutiontotheoptimalconsumption-investmentstrategyissuccessfullyobtained.Finally,somespecialcasesarederivedindetail.
简介:对于我来说,钱是无论如何也花不完的,我早已不再将它看作是个人能力的象征。1美元,够了。史蒂夫·乔布斯坐在美国加州CUPERTINO总部的会议室内,这位苹果电脑公司的首席执行官双手托在脑后,全神贯注地听着公司2000年第二财季的财务报告,脸上不时露出欣慰的笑容。在这一财季中,苹果电脑公司共销售计算机系统1,043,000套,实现利润2.33亿美元,与去年同期1.35亿美元的利润收益相比,有了较大幅度的