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- W4383550777 abstract "This paper considers the optimal management for both the defined-contribution (DC) and defined-benefit (DB) pension plans in a continuous time framework. In particular, analytical solutions for both plans with general utility functions are derived for the first time. The current solutions are written in the form of Taylor series expansions and constructed through the homotopy analysis method (HAM). It is theoretically shown that the series solutions, if convergent, are indeed the exact solutions of the nonlinear HJB equations arising from the optimal pension fund management. Numerical experiments are presented to demonstrate the accuracy and versatility of the current solution approach." @default.
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- W4383550777 date "2023-07-06" @default.
- W4383550777 modified "2023-09-27" @default.
- W4383550777 title "Exact and explicit analytical solutions for optimal pension management with general utilities" @default.
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- W4383550777 doi "https://doi.org/10.1080/03610918.2023.2232956" @default.
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