Comment on “aging population, retirement, and risk taking”

Rachel J. Huang, Larry Y. Tzeng, Jr Yan Wang, Lin Zhao

Research output: Contribution to journalReview articlepeer-review

3 Scopus citations


Levy [Levy H (2016) Aging population, retirement, and risk taking. Management Sci. 62(5):1415-1430.] proposes asymptotic first-degree stochastic dominance (AFSD) as a distribution-ranking criterion for all nonsatiable decision makers with infinite investment horizons. By assuming that the terminal wealth follows a log-normal distribution and that the marginal utility is bounded, he offers the necessary and sufficient distributional condition for AFSD. Given Levy's setting, we provide a counterexample to show that his condition is not necessary and offer the correct equivalent distributional condition for AFSD.

Original languageEnglish
Pages (from-to)2792-2795
Number of pages4
JournalManagement Science
Issue number6
StatePublished - Jun 2020


  • Asymptotic stochastic dominance
  • Long-run investment
  • Maximum geometric mean strategy


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