Life-Cycle Finance and the Design of Pension Plans

被引：17

作者：

Bodie, Zvi ^{[1
]}

Detemple, Jerome ^{[1
]}

Rindisbacher, Marcel ^{[1
]}

机构：

[1] Boston Univ, Sch Management, Boston, MA 02215 USA

来源：

ANNUAL REVIEW OF FINANCIAL ECONOMICS | 2009年 / 1卷

关键词：

consumption; savings; labor; investments; retirement planning; PORTFOLIO CHOICE; ASSET ALLOCATION; LABOR INCOME; COVARIANCE MATRICES; HABIT FORMATION; RISK-AVERSION; CONSUMPTION; INVESTMENT; STOCK; SELECTION;

D O I：

10.1146/annurev.financial.050708.144317

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This article reviews recent scientific literature on consumer financial decisions over the life cycle, outlining its implications for the design of pension plans. It begins with a review of advances in the theory of rational financial planning and wealth management. It then summarizes the recent empirical literature on the actual behavior of households regarding saving, investing, and insuring their consumption in old age. Finally, it briefly comments on the practical implications of the theory for the design of pension systems and outlines areas of future research.

引用

页码：249 / 286

页数：44

共 139 条

[1]

Agarwal Sumit., 2009, The age of reason: Financial decisions over the life-cycle with implications for regulation

[2] Portfolio choice and trading in a large 401(k) plan [J].