The Research on the Assets Allocation of Residents under Aging

Based on the life-cycle investment theory,the probability is taken that the resident is alive at some date into the consideration of the optimal allocation ratio of risk asset.A optimal portfolio model is established for max investor's utility and used the numerical method proposed by Carrol to solve the model,then analyzed the sensitivity of the main factors to asset allocation for investors.Some important conclusions are got that the optimal risk asset allocation for residents with different initial wealth,income growth and bequest as age increasing.