Retirees confront the difficult problem of how to manage their money in retirement so as to not outlive their funds while continuing to invest in capital markets. We posit a dynamic utility maximizer who makes both asset location and allocation decisions when managing her retirement financial wealth and annuities, and we prove that she can benefit from both the equity premium and longevity insurance in her retirement portfolio. Even without bequests, she will not fully annuitize; rather, her optimal stock allocation amounts initially to more than half of her financial wealth and declines with age. Welfare gains from this strategy can amount to 40 percent of financial wealth (depending on risk parameters and other resources). In practice, it...
DoctorI present an optimal life-cycle model with idiosyncratic income risks in which optimal consump...
This thesis examines how different asset allocation strategies impact the terminal wealth of indivi...
This paper derives optimal lifecycle asset allocations for consumers who select work hours and retir...
Retirees confront the difficult problem of how to manage their money in retirement so as to not outl...
Retirees confront the difficult problem of how to manage their money in retirement so as to not outl...
Retirees must draw down their accumulated assets in an orderly fashion so as not to exhaust their fu...
Retirees must draw down their accumulated assets in an orderly fashion so as not to exhaust their fu...
This paper derives optimal life cycle portfolio asset allocations as well as annuity purchases traje...
This paper derives optimal consumption, investment, and annuitization patterns for retired household...
We derive the optimal portfolio choice and consumption pattern over the lifecycle for households fac...
We compute the optimal dynamic asset allocation policy for a retiree with Epstein-Zin utility. The r...
This paper develops a consumption and portfolio-choice model of a retiree who allocates wealth among...
How might retirees consider deploying the retirement assets accumulated in a defined contribution pe...
How might retirees consider deploying the retirement assets accumulated in a defined contribution pe...
We apply Merton(1969) to the investment allocation decision of individuals in retirement who can in...
DoctorI present an optimal life-cycle model with idiosyncratic income risks in which optimal consump...
This thesis examines how different asset allocation strategies impact the terminal wealth of indivi...
This paper derives optimal lifecycle asset allocations for consumers who select work hours and retir...
Retirees confront the difficult problem of how to manage their money in retirement so as to not outl...
Retirees confront the difficult problem of how to manage their money in retirement so as to not outl...
Retirees must draw down their accumulated assets in an orderly fashion so as not to exhaust their fu...
Retirees must draw down their accumulated assets in an orderly fashion so as not to exhaust their fu...
This paper derives optimal life cycle portfolio asset allocations as well as annuity purchases traje...
This paper derives optimal consumption, investment, and annuitization patterns for retired household...
We derive the optimal portfolio choice and consumption pattern over the lifecycle for households fac...
We compute the optimal dynamic asset allocation policy for a retiree with Epstein-Zin utility. The r...
This paper develops a consumption and portfolio-choice model of a retiree who allocates wealth among...
How might retirees consider deploying the retirement assets accumulated in a defined contribution pe...
How might retirees consider deploying the retirement assets accumulated in a defined contribution pe...
We apply Merton(1969) to the investment allocation decision of individuals in retirement who can in...
DoctorI present an optimal life-cycle model with idiosyncratic income risks in which optimal consump...
This thesis examines how different asset allocation strategies impact the terminal wealth of indivi...
This paper derives optimal lifecycle asset allocations for consumers who select work hours and retir...