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Bifurcation in optimal retirement

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  • Bushra Shehnam Ashraf
  • Thomas S. Salisbury

Abstract

We study optimal consumption and retirement using a Cobb-Douglas utility and a simple model in which an interesting bifurcation arises. With high wealth, individuals plan to retire. With low wealth they plan to never retire. At a critical level of initial wealth they may choose to defer this decision, leading to a continuum of wealth trajectories with identical utilities.

Suggested Citation

  • Bushra Shehnam Ashraf & Thomas S. Salisbury, 2025. "Bifurcation in optimal retirement," Papers 2506.02155, arXiv.org.
    • Handle: RePEc:arx:papers:2506.02155
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    File URL: http://arxiv.org/pdf/2506.02155
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