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SUMMARY:Practical Finance: An Approximate Solutionto Life-Cycle Portfolio 
 Choice
DTSTART:20221028T103000
DTEND:20221028T120000
DTSTAMP:20260407T100401Z
UID:b52fb877eff2a90b84fa67da4bae65c9ebcf25b47ffb30227ee18405
CATEGORIES:Conferences - Seminars
DESCRIPTION:James Choi | Yale School of Management\nResearch on normative 
 household financial choices almost always gives guidance in one of two for
 ms: a simple formula for an unrealistic setting\, or a numerical solution 
 for a particular set of parameters in a realistic setting. Neither is very
  useful for individuals trying to figure out optimal choices for their own
  situation. We propose a middle-ground approach\, which we call practical 
 finance: approximations to optimal solutions in realistic settings that ar
 e easily computed in a\nspreadsheet. We provide such an approximation for 
 lifecycle portfolio choice with non-tradable labor income within the canon
 ical Cocco\, Gomes\, and Maenhout (2005) model. Across 2\,187 different pa
 rameter sets\, our approximation results in welfare that is on average onl
 y 0.02% lower than that of the optimal solution.\n 
LOCATION:UniL Campus\, Room Extra 126
STATUS:CONFIRMED
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