Optimal Time-Consistent Investment Strategy for a DC Pension Plan with the Return of Premiums Clauses and Annuity Contracts

Figure 5

(a) The efficient frontiers of different risk averse level 𝛾 when 𝑡=21. (b) The efficient frontiers of different risk averse level 𝛾 when 𝑡=28.

(a)

(b)