Figure 3From: Consumption-portfolio choice with subsistence consumption and risk aversion change at retirementConsumption drop at retirement and subsistence consumption (parameters: \(\rho =0.03\), \(r=0.03\), \(\mu =0.07\), \(\sigma =0.2\), \(\alpha =0.5\), \(I_{1}=1\), \(I_{2}=0.5\), \(\bar{\gamma }_{1}=2\), \(\bar{\gamma }_{2}=5\), \(L=4\))Back to article page