Figure 2From: An optimal portfolio, consumption-leisure and retirement choice problem with CES utility: a dynamic programming approach Retirement wealth level as a function of the elasticity of substitution \(\pmb{1/(1-\rho)}\) ( \(\pmb{\beta=0.1}\) , \(\pmb{r=0.02}\) , \(\pmb{\mu=0.07}\) , \(\pmb{\sigma=0.2}\) , \(\pmb{\alpha=0.2}\) , \(\pmb{\bar{L}=1}\) , \(\pmb{L=0.75}\) , and \(\pmb{w=10}\) ). Back to article page