基于多期动态规划的家庭资产组合决策优化研究-会计学专业论文.docxVIP

基于多期动态规划的家庭资产组合决策优化研究The 基于多期动态规划的家庭资产组合决策优化研究 The Optimization Research of Household Asset Portfolio Decisions Based on Multi Dynamic Programming Abstract Family iS the basic unit of the economy．and the household asset allocation behavior directly affects the level of flow ef!ficiency of our social resources and economic development． 1k reasonable household asset allocation behaviors not only have atl impact on supply and demand structure of society．but also promote the sound development of financial and capital markets and effective innovation．With the rapid development of China’S economy．the level of household income continues to improve；the household wealth has a rapid growth and the structure of household financial assets have changed greatly．Over the past fifteen years，the level of activity of family involvement in the financial market significantly increased． household financial assets alSO showed a trend of diversity．In China’S economic transition in the context ofthe reform and development and building a moderately prosperous ofthe extra period，Households reasonable asset allocmion behavior becomes increasingly important． nle family as the asset allocation decision．making body．its decision—making behavior Can’t be static，but has periodic，periodicity and continuity characteristics．Tllis paper studies of the family asset allocation decisions fully integrated feature of family 1ife cycle．establish Epstein-Zin type intertemporal utility function of asset allocation，to construct a theoretical model of intertemporal allocation decisions study of assets．by maximizing the utility function and setting the objective function established assumptions．Then this paper used the method of dynamic programming theory and mathematical defivmion to solve the model，then we obtain the optimal decision s仃ategy of household intertemporal asset allocation．As families age(age of household head)increases．the household consumption share of asset allocation showed rising wend，the propo