Kula, G.J.

retirement utility value consumption income risk aversion model productivity function saving lifetime result probability insurance chapter benefit equation aversion decision retirement threshold threshold worker effect condition level security solution lifetime utility labor approximation problem brownian motion order drift pension distribution change death retirement decision parameter wealth utility function individual system trend people budget constraint increase consumption path future constraint motion retirement benefits paper option figure study possibility section coefficient retirement age economic brownian discount rate ratio 0.1 labor career programming analysis interest table period scheme uncertainty moment process formula appendix 0.2 introduction