关键词: 随机波动, 劳动收入, 最优消费投资, 幂效用函数, HJB（Hamilton-Jacobi-Bellman）方程

Abstract: This paper studies the optimal consumption and portfolio of investors with labor income under the framework of the stochastic volatility model. After the model is established，the HJB （Hamilton-Jacobi-Bellman） equation is obtained by applying the stochastic optimal control theory；secondly，the power utility function is considered and the explicit solution of optimal consumption-portfolio is obtained by separating variables，that is，the functional expressions of optimal consumption c^*（t）and investment strategy π^*（t）. Finally，the effect of different market parameters on the optimal consumption-portfolio strategy is analyzed through numerical simulation. The result shows that when the instantaneous volatility increases，the optimal investment proportion decreases，but the consumption level increases；when the risk aversion factor increases，investors bear less investment risk，which will increase the investment proportion of risk assets and reduce consumption expenditure；when the investor has a labor income，it affects the investor's consumption-portfolio decision.

Key words: stochastic volatility, labor income, optimal consumption-portfolio, power utility function, HJB（Hamilton-Jacobi-Bellman）equation