加班的自由與資產配置 - 理財
By Joseph
at 2021-03-03T20:17
at 2021-03-03T20:17
Table of Contents
Blog post:
https://daze68.blogspot.com/2021/03/labor-supply-flexibility.html
======
Bodie(1992)指出,如果工作者有選擇加班的自由,在預期效用最大化的前提下,工作者
會採取更積極的資產配置,即使最後他沒有真的選擇加班
假設一個中年人現有1000萬元金融資產
未來人力資本現值1000萬元
理想股債比50%(註)
將未來人力資本納入考慮
他應該配置1000萬的股票部位
(姑且忽略失業、折現、通膨等)
若這個中年人的薪水不變
但擁有選擇加班量的自由
如果他選擇加好加滿的話
最大人力資本現值1500萬元
他應該按照2500萬元的50%,配置1250萬股票部位,或者125%槓桿
然後根據他的效用函數決定要購買消費品與「買回閒暇」的量
根據他「買回閒暇」的量
最後的解可能不會導致他真的加好加滿
直覺上,這個推論聽起來也算合理
即使目前沒有真的要加班
但擁有如果股票表現不佳時可以加班彌補的選擇
可採取更積極的資產配置
這個推論還指出了應積極配置到何種程度
Bodie的論文還有另一個推論:
如果工作者有權事前決定一個最佳的固定「閒暇」比例,決定後就不能改了
得到的解跟可以浮動調整「閒暇」的最佳比例不同
且後者的效用永遠大於等於前者
======
註: 理想股債比可能從不同方式導出。一種方式是基於CRRA效用函數。重點是理想股債比
通常不受時間或財富水準影響。
Reference:
Zvi Bodie; Robert Merton and William F. Samuelson, (1992), Labor supply
flexibility and portfolio choice in a life cycle model, Journal of Economic
Dynamics and Control, 16, (3-4), 427-449
--
You got to know when to hold 'em, know when to fold 'em, Know when to walk away and know when to run.
You never count your money when you're sittin' at the table. There'll be time enough for countin' when the dealin's done.
'Cause ev'ry hand's a winner and ev'ry hand's a loser, And the best that you can hope for is to die in your sleep."
now Ev'ry gambler knows that the secret to survivin' Is knowin' what to throw away and knowing what to keep.
--
https://daze68.blogspot.com/2021/03/labor-supply-flexibility.html
======
Bodie(1992)指出,如果工作者有選擇加班的自由,在預期效用最大化的前提下,工作者
會採取更積極的資產配置,即使最後他沒有真的選擇加班
假設一個中年人現有1000萬元金融資產
未來人力資本現值1000萬元
理想股債比50%(註)
將未來人力資本納入考慮
他應該配置1000萬的股票部位
(姑且忽略失業、折現、通膨等)
若這個中年人的薪水不變
但擁有選擇加班量的自由
如果他選擇加好加滿的話
最大人力資本現值1500萬元
他應該按照2500萬元的50%,配置1250萬股票部位,或者125%槓桿
然後根據他的效用函數決定要購買消費品與「買回閒暇」的量
根據他「買回閒暇」的量
最後的解可能不會導致他真的加好加滿
直覺上,這個推論聽起來也算合理
即使目前沒有真的要加班
但擁有如果股票表現不佳時可以加班彌補的選擇
可採取更積極的資產配置
這個推論還指出了應積極配置到何種程度
Bodie的論文還有另一個推論:
如果工作者有權事前決定一個最佳的固定「閒暇」比例,決定後就不能改了
得到的解跟可以浮動調整「閒暇」的最佳比例不同
且後者的效用永遠大於等於前者
======
註: 理想股債比可能從不同方式導出。一種方式是基於CRRA效用函數。重點是理想股債比
通常不受時間或財富水準影響。
Reference:
Zvi Bodie; Robert Merton and William F. Samuelson, (1992), Labor supply
flexibility and portfolio choice in a life cycle model, Journal of Economic
Dynamics and Control, 16, (3-4), 427-449
--
You got to know when to hold 'em, know when to fold 'em, Know when to walk away and know when to run.
You never count your money when you're sittin' at the table. There'll be time enough for countin' when the dealin's done.
'Cause ev'ry hand's a winner and ev'ry hand's a loser, And the best that you can hope for is to die in your sleep."
now Ev'ry gambler knows that the secret to survivin' Is knowin' what to throw away and knowing what to keep.
--
Tags:
理財
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