Life-cycle portfolio choice models capture the role of human capital, housing, borrowing constraints, background risk, and several other crucial ingredients for determining the savings and investment decisions of households. Over the last two decades, this literature has provided us with multiple insights regarding the asset allocation decisions of individual investors. This article provides a critical survey of this research and suggests directions for future research, namely incorporating additional forms of household heterogeneity.

中文翻译：

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整个生命周期的投资组合选择：一项调查

生命周期投资组合选择模型捕捉了人力资本、住房、借贷约束、背景风险和其他几个决定家庭储蓄和投资决策的关键因素的作用。在过去的二十年里，这些文献为我们提供了关于个人投资者资产配置决策的多种见解。本文对这项研究进行了批判性调查，并提出了未来研究的方向，即纳入其他形式的家庭异质性。