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Cited by 1,132

The DOI matches its Crossref record.

Labor supply flexibility and portfolio choice in a life cycle model

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Bodie, Zvi, Merton, Robert C., Samuelson, William F.·1992·Journal of Economic Dynamics and Control
DOI 10.1016/0165-1889(92)90044-f
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Abstract

This paper examines the effect of the labor-leisure choice on portfolio and consumption decisions over an individual's life cycle. The model incorporates the fact that individuals may have considerable flexibility in varying their work effort (including their choice of when to retire). Given this flexibility, the individual simultaneously determines optimal levels of current consumption, labor effort, and an optimal financial investment strategy at each point in his life cycle. We show that labor and investment choices are intimately related. The ability to vary labor supply ex post induces the individual to assume greater risks in his investment portfolio ex ante.

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Metadata

Authors
Bodie, Z., Merton, R. C., & Samuelson, W. F.
Venue
Journal of Economic Dynamics and Control
Publisher
Elsevier BV
Published
1992-07
Volume
16
Issue
3-4
Pages
427-449
ISSN
0165-1889 (ISSN-L)
DOI
10.1016/0165-1889(92)90044-f
OpenAlex
W2891086127
Cited by
1,132
References
0
FWCI
16.01
Type
journal article
Language
en
Open access
hybrid

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CoChat. (2026). Citation check: Labor supply flexibility and portfolio choice in a life cycle model. https://app.cochat.ai/papers/10.1016/0165-1889(92)90044-f
The paper
Bodie, Z., Merton, R. C., & Samuelson, W. F. (1992). Labor supply flexibility and portfolio choice in a life cycle model. Journal of Economic Dynamics and Control. https://doi.org/10.1016/0165-1889(92)90044-f

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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.