Related studies CR Samuelson(1969, REStat), Merton(1969, REStat): dynamic programming with uncertainty CR Ehrlich and Hamlen( 1995, JEDC) precommitment strategy with intermittent revision CR Campbell and Viceira(1999, QJE): time varying Investment opportunities CR Viceira(2001, JF): background risk, life-cycle CR Gollier(2002, JME): Liquidity constraint, decreasing aversion to risk on wealth R Chacko and viceira(2005, RFS): incomplete market with stochastic volatility  Samuelson (1969, REStat), Merton (1969, REStat): dynamic programming with uncertainty  Ehrlich and Hamlen (1995, JEDC): precommitment strategy with intermittent revision  Campbell and Viceira (1999, QJE): time varying investment opportunities  Viceira (2001, JF): background risk, life-cycle  Gollier (2002, JME): Liquidity constraint, decreasing aversion to risk on wealth  Chacko and Viceira (2005, RFS): incomplete market with stochastic volatility Related Studies