报告人：Zhongfei Li (Southern University of Science and Technology)
时间：2022-11-10 15:10-17:00
地点：Tencent Meeting (935-3935-7603); Passcode (123456)
Abstract: This work investigates a housing, investment and consumption problem for a household who has stochastic income, consumes on non-housing goods, invests in financial assets, and plans to buy a house for dwelling. When buying a house, the household is required to pay a fraction of the housing value as the down payment and finances the rest through a mortgage loan. The household obtains utility from the consumption (including renting a house) before buying a house, and from the consumption and housing units after buying a house. The household aims to maximize the total expected discounted utility, and to find the optimal consumption and investment strategies before and after buying a house, the optimal time to buy a house and the optimal housing units. The optimization problem is solved by transforming the problem into a combined stochastic control and impulse control problem. The derived results show that the time preference, consumption preference, down payment ratio, and relative risk aversion coefficient play important roles The earlier (later) the household buys a house, the fewer (more) housing units the household buys. If the household is extremely patient or impatient, she will delay buying a house but buy a bigger house. The household that tends to consume non-housing buys a house later but owns a house larger. The household with higher relative risk aversion buys a house earlier but owns a smaller one.
About the Speaker:
李仲飞，南方科技大学金融系讲席教授，国务院学位委员会学科评议组成员，长江学者特聘教授，国家杰青，全国模范教师，国务院政府特殊津贴专家，全国百篇优秀博士学位论文获得者，新中国成立70周年观礼嘉宾，Elsevier 中国高被引学者，全球前2%顶尖科学家，国家自科创新研究群体项目主持人，国家社科基金学科评审组专家，中国系统工程学会副理事长，中国优选法统筹法与经济数学研究会副理事长及其量化金融与保险分会理事长，十多个国内外期刊的领域主编、副主编或编委。历任中山大学社科处处长，管理学院执行院长，创业学院院长。研究领域包括绿色金融与碳经济，金融科技与数字金融，金融工程与风险管理，金融市场与投资。
Online: Tencent Meeting（ID: 935 3935 7603, Passcode: 123456）
Meeting Link: https://meeting.tencent.com/dm/6xILDn3HGWeV
