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论文类型：会议论文

发表时间：2017-01-01

收录刊物：CPCI-SSH

页面范围：387-396

关键字：household finance; life cycle theory; family assets allocation; dynamic programming

摘要：This study set up the family asset allocation model based on life cycle theory. We solve the family asset allocation problem by using the method of dynamic programming. And we got the optimal decision of family asset allocation of our country urban households in different stages of the life cycle. The results show that the consumption of Chinese urban households in line with the life cycle hypothesis, whether the family own a house in the early of the life cycle is significantly affect the family asset allocation decisions. When risk appetite changed, family in different stages of life cycle had different decisions. Housing preference has a certain crowding out effect on the holding of risky assets.