Figure 2From: Consumption-portfolio choice with subsistence consumption and risk aversion change at retirementCombined effects of risk aversion change and subsistence consumption on pre-retirement optimal consumption and portfolio at the wealth level 4 (parameters: \(\rho =0.03\), \(r=0.03\), \(\mu =0.07\), \(\sigma =0.2\), \(\alpha =0.5\), \(I_{1}=1, I_{2}=0.1\), \(R_{2}=0.03, \bar{\gamma }_{1}=2\), \(L=4\))Back to article page