Abstract

The multistage portfolio model is established based on capital growth with security. Empirical research on multistage asset allocation is carried out in the background of domestic equity market. The uncertainty of future economic environment is considered and the scenario generation method is used to deal with the future uncertainty of the returns of risky assets. The asset allocations are rebalanced at the beginning of every stage. Considering the risk constraints and using genetic algorithm, the asset allocation strategy which gives the final maximum wealth under the risk constraints is obtained

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