| With the rapid growth of household wealth and domestic demographic changes, how to maximize utility consumption and investment, to respond effectively to the longevity risk of the population aging, which have been attracting more and more attention of domestic households. Meanwhile, the family, as the main participants in modern macroeconomic, whose consumption and investment behavior has a significant impact on economy of our country, so researching the consumption and investment of family is very important.Standing in the perspective of the life cycle of family, the article is research on the maximum utility of family consumption and investment. Firstly, describes the background and significance of this paper, points out the research ideas and the main innovation, combs the related literature of family financial research both at home and abroad, and details of the related theory. Secondly, in the research on household consumption investment decision behavior, completes the research by constructing the maximum utility function model, which is based on the Epstein-Zin utility function, finish the construction of model by introducing bequest motives and family survival probability factors. At the same time, in the absence of the subjective constant time discount method to select the traditional time discount factor, uses the time varying discount method. Finally, through the case analysis on the model, points out the circumvent function of implicit return rate on longevity risk, different time discount factor brings different effects, as well as the coefficient of relative risk aversion, heritage motivation, inflation and other factors related to the household utility consumption and investment throughout the life cycle.At the end of this paper, summarizing the research results of the full article, points out the limitations of the study and prospect the future research, hoping to provide a reference for subsequent research of household financial aspects. |
PDF Full Text Request