[CvGmt News] avviso ciclo di lezioni di finanza quantitativa prof. Paolo Guasoni (dal 13 al 16 maggio 2013)

[valeria.giuliani at sns.it]

*

Professor  Paolo Guasoni*, Boston University and Dublin College University, will be visiting Scuola Normale and Pisa University for a week, from  May 13 (Monday) to May 16 (Thursday).

He will give a  mini-course on*"Frictions and Fees in Portfolio Choice"*at  Scuola Normale Superiore di Pisa, Piazza dei Cavalieri 7,   according to
the following schedule:

Mon  5/13      h 16-18   Aula 2
Tue   5/14      h 11-13  Aula 2
Wed  5/15      h 14-16  Aula Bianchi
Thu   5/16      h 11-13  Aula 2


On Wed 5/15,  h 11 at the Department of Economics and Management, via C. Ridolfi 10, 3rd floor, Seminar Room, he will give the seminar:

*"Habit, Loss Aversion, and Retirement"
*
Abstract:
We solve a model of consumption and investment for an agent who is averse to
declines in the standard of living, assuming constant investment
opportunities and an infinite horizon. The optimal policy is to consume at a
constant rate, as long as this rate remains between two endogenous fractions
of wealth. In good times, consumption rises to keep the consumption/wealth
ratio above a minimum level. In bad times, consumption declines below the
desired level, as to keep the portfolio solvent. Loss aversion reduces
substantially the exposure to risky assets, implying an effective risk
aversion much higher than the agent's true risk aversion.

Classe di Scienze

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Valeria Giuliani
Scuola Normale Superiore
Servizio Supporto Attività Didattiche - Scienze
Tel. 050-509260
Piazza dei Cavalieri, 7
56126 Pisa
E-Mail: v.giuliani at sns.it
E-Mail: adi.sd at sns.it
  
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Grazie.
  

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