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UID:20250923T171316EDT-3761rxuzir@132.216.98.100
DTSTAMP:20250923T211316Z
DESCRIPTION:Jonathan Parker\n\nMIT Sloan School of Management\n\nSimple All
 ocation Rules and Optimal Portfolio Choice Over the Lifecycle\n\nDate: Fri
 day\, September 26\, 2025\n	Time: 10:30-11:45 am\n	Location: Bronfman Bldg. 
 (1001 Sherbrooke St. West)\, Room 046\n\nAll are cordially invited to atte
 nd.\n\nAbstract:\n\nIn many areas of economics\, relatively simple models 
 developed for insight are used as quantitative guides. We study the accura
 cy of such simple quantitative guidance in an area where it has been widel
 y adopted — lifecycle portfolio choice among stocks\, bonds\, and liquid a
 ccounts—by developing a machine-learning algorithm to solve for optimal po
 rtfolio choice in a calibrated lifecycle model that includes many features
  of reality modelled only separately in previous work. Both for optimizing
  households and for households that under-save\, the average fully-optimal
  portfolio at each age conforms well to current simple age-dependent presc
 riptive rules until shortly before retirement\, validating existing analys
 es. We further show that the consumption-equivalent losses from conditioni
 ng portfolio shares on age alone are substantial\, around 2 to 3 percent o
 f consumption. Fully-optimal equity shares have substantial heterogeneity\
 , particularly by wealth level\, state of the business cycle\, and dividen
 d-price ratio\, implying substantial gains to further customization in the
 se dimensions.\n
DTSTART:20250926T143000Z
DTEND:20250926T154500Z
LOCATION:Room 046\, Bronfman Building\, CA\, QC\, Montreal\, H3A 1G5\, 1001
  rue Sherbrooke Ouest
SUMMARY:Desmarais Global Finance Research Centre (DGFRC) Seminar
URL:/desautels/channels/event/desmarais-global-finance
 -research-centre-dgfrc-seminar-367912
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